Pemex Continues Defense Against Claims by Oro Negro

(Pemex, 24.Jul.2018) – The spread published last night by the company Oro Negro seeks to compensate for a series of strategic mistakes made by that company

In connection with the spread that was published on July 19 in the American newspaper The New York Times and signed by Juan P. Morillo, legal representative of Oro Negro, as well as by the American and European shareholders of the company, which contains accusations related to the lawsuit against Petróleos Mexicanos, Pemex states the following:

— Oro Negro affirms that it has recordings, allegedly of former senior management of the company who admit to intentionally harming Oro Negro because it refused to pay kickbacks. Therefore, Petróleos Mexicanos prompts Oro Negro to make the recordings available to the authorities for the necessary  assessment of their authenticity and relevance. In this regard, it would also be important to see a public explanation as to why this information was not published and reported sooner, as there have been many instances where such evidence would have been extremely relevant to the case.

— Oro Negro affirms that it was “destroyed” by the Mexican government, not only for its refusal to pay kickbacks, but also because of a conspiracy orchestrated by certain bond holders interested in causing the company’s bankruptcy so as to take over the oil production platforms. The facts bely this version, as in 2016 and 2017, Pemex proposed Oro Negro the same terms it offered to many other oil production platform suppliers. However, the other companies accepted the terms proposed by Pemex, while Oro Negro decided not to continue the relationship. In summary, Pemex denies having acted with any kind of discrimination towards Oro Negro.

— Pemex will continue defending itself from the unfounded claims filed against the company and the Mexican government, mainly because it sought to renegotiate its standing contracts with Oro Negro and other oil production platform companies in good faith and within the prescriptions of the applicable law after the deceleration of the oil market. Unlike all other suppliers, Oro Negro made the unilateral decision to reject Pemex’s terms and decided to initiate the process of bankruptcy instead.

— Like any other company in the oil sector, Pemex depends on a large number of national and international companies for the supply of oil services and has a long history of successfully working with nationally and internationally renowned companies.

We regret that Oro Negro was incapable of meeting the reasonable expectation of its clients, investors, creditors and employees, but this is no reason to allow the company to perniciously involve Pemex in its existing corporate problems.

Pemex firmly believes that Oro Negro is currently deploying an international media strategy to compensate for a series of strategic mistakes it has committed, as well as to make up for the deficiencies of its legal case against Pemex.

Petróleos Mexicanos hereby states that it will defend itself in Mexican and international courts, confident that the result of the legal process will be a ruling in its favor.

***

Author: ENERGY ANALYTICS INSTITUTE (EAI)

Energy Analytics Institute (EAI) is a Houston-based independent think-tank providing unbiased research, analysis, commentaries, opinions and breaking news related to the petroleum sectors in the Latin American and Caribbean regions.

Leave a Reply

Your email address will not be published. Required fields are marked *