European investors are adding to their portfolios in various sectors of the Mexican economy, including industry and real estate In early August, the French company Vinci Airports announced it will become the leading shareholder of Grupo Aeroportuario del Centro Norte (OMA) by agreeing to purchase 29.99% of the Nuevo León–based company that runs 13 airports in Mexico, including one of its busiest, Monterrey International Airport. A few weeks later, the Netherlands-based firm IMCD, a leading distributor of specialty chemicals and advanced materials, announced it had signed an agreement to buy 100% of the Mexico-based plastics firm PromaPlast. “European companies see in Mexico an opportunity for investment in various sectors,” an article in Expansión magazine analyzing those moves and others declared this week. According to data from the Bank of Mexico (Banxico), investment in Mexico by European countries represented some 17.5% of the total foreign investment at the end of 2021, an amount close to US $4.82 [...]
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SAN RAMON, Calif. & AMES, Iowa, Feb. 28, 2022 — Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (“REG”) announced today a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share. The acquisition combines REG’s growing renewable fuels production and leading feedstock capabilities with Chevron’s large manufacturing, distribution and commercial marketing position. “REG was a founder of the renewable fuels industry and has been a leading innovator ever since,” said Chevron Chairman and CEO Mike Wirth. “Together, we can grow more quickly and efficiently than either could on its own.” The transaction is expected to accelerate progress toward Chevron’s goal to grow renewable fuels production capacity to 100,000 barrels per day by 2030 and brings additional feedstock supplies and pre-treatment facilities. After closing of the acquisition, Chevron’s renewable fuels business, Renewable Fuels - REG, will be headquartered in [...]
Oil and gas giant Chevron Corp. said it's selling its Bay Area headquarters and moving its employees to Houston as it pares down its office space. Chevron (NYSE: CVS) is planning to sell its current East Bay headquarters in San Ramon and is offering to cover costs for employees who voluntarily opt to move to Houston, Texas, the Wall Street Journal has reported. The company said it's now looking for a new, smaller space to lease in the Bay Area and expects to move from its existing headquarters in late 2023. Chevron occupies the former Enron Corp. headquarters in Houston where it now employs about 6,000 people, approximately three times as many workers as in its San Ramon headquarters. Its Bay Area headquarters has been declining after the company began a reorganization in 2019. Chevron has had its base in the Bay Area since the late 1800s. It moved hundreds of employees to San Ramon in 1999, [...]
June 30 (Reuters) - The Biden administration on Thursday delayed the rollout of a proposed five-year offshore oil and gas development plan that had been promised by the end of the month, according to sources. Interior Department Secretary Deb Haaland in May had vowed to unveil the draft proposal ahead of the June 30 expiration of the current plan. The department will not be able to hold any offshore oil and gas lease sales until a new plan is finalized. Briefings with officials meant to take place Thursday ahead of a public announcement were unexpectedly delayed, according to sources. The reason and length of the delay were unclear. Interior would not comment. Interior had recommended to the White House that all federal offshore oil and gas drilling auctions over the next five years be located in the Gulf of Mexico, where the drilling industry has already been focused for decades, according to two sources familiar [...]
AUSTIN – Railroad Commission of Texas commissioners approved a proposed sweeping weatherization rule to help protect Texans during weather emergencies that could occur any time of the year. The proposed rule that was approved today is open for public comment through August 15, 2022, after which staff will review comments before commissioners adopt a final rule, which is expected before the end of the summer. The weatherization rule covers critical facilities that are on the state’s Electricity Supply Chain Map at the time of adoption of the rule, and any subsequent iterations of the map. These include natural gas wells and oil leases producing casinghead gas, underground storage facilities, and gas processing plants. Gas pipelines that are on the Electricity Supply Chain Map and directly serve electric generation are also subject to the rule. Provisions of the rule include, but are not limited to, the following requirements: Implement weather emergency preparation measures intended to ensure [...]
The US supermajor has also donated a 53-acre parcel of land to the Houston Food Bank Chevron is selling its Chevron Park campus in San Ramon, California, and encouraging many of its West Coast employees to relocate to Houston. The company will move to “new modern leased space” in San Ramon, where it will remain headquartered. The US supermajor told Upstream it expects to make the move during the third quarter of 2023. “The current real estate market provides the opportunity to right-size our office space to meet the requirements of our headquarters-based employee population,” Chevron said. The move comes as US oil and gas companies are moving more of their workers to Houston, often called the “Energy Capital of the World.” ExxonMobil recently moved its headquarters from Irving, Texas, to Houston. Chevron has a strong presence in Houston and is giving back to the community through a 53-acre donation to the Houston Food Bank. [...]
HOUSTON, June 29 (Reuters) - Pipeline operator Kinder Morgan Inc (KMI.N) gave the greenlight to financing expanded capacity on a natural gas pipeline that brings fuel from fields in west Texas to export hubs near Houston, the company said on Wednesday. The expansion comes as several new liquefied natural gas (LNG) processing plants have been proposed along the U.S. Gulf Coast to meet rising demand in Europe and Asia. The proposed LNG plants would require about 3.1 billion cubic feet per day of new gas supply. The 428-mile (689-km) Permian Highway Pipeline, owned by Kinder Morgan, Kinetik Holdings and Exxon Mobil (XOM.N), now carries 2.1 billion cubic feet per day (cfd) from the Permian Basin of west Texas and New Mexico. The expansion would add 550 million cfd with the higher capacity available starting in November, 2023, Kinder Morgan said. The project still requires approvals and permitting. "The project will alleviate transportation constraints out of the Permian Basin," [...]
Energy Workforce & Technology Council honored Congressman Kevin Brady (R-TX-08) with the "Champion of American Energy" award during a lunch in Washington, D.C., for his relentless and uncompromising commitment to the oilfield services industry and the domestic energy sector. Energy Workforce is holding its annual fly-in for Members to hear from and meet with policymakers and members of Congress. Brady “It is an honor to name Congressman Brady with our Champion of American Energy award,” said Leslie Beyer, CEO, Energy Workforce and Technology Council. “Congressman Brady has been a long-time stalwart of free markets, low taxation, energy independence and the American worker. He was a leader in the House to end the oil export ban, and his work in Congress has led to growth in the energy services industry and helped boost domestic energy production. We will definitely miss him when he retires at the end of this Congress.” Congressman Brady is the [...]
(Bloomberg) — Weekly U.S. crude oil production declined for the first time in three months, signaling that soaring costs across the oil fields may be preventing drillers from expanding output. The decline hits as the oil-consuming nations are scrambling for additional supplies to reduce reliance on Russia and bring down the skyrocketing crude prices. President Joe Biden has urged the industry to raise supply to help battle historically high fuel inflation. Domestic crude output last week fell 100,000 barrels to 11.8 million barrels a day, after holding steady over the previous three weeks, according to data from the Energy Information Administration. The decline stems from a small drop in Alaskan volumes. Output from the rest of the US, including prolific Permian shale basin, held steady. In its Short-Term Energy Outlook report this week, the EIA lowered its production forecast through 2023. Drillers have said they are experiencing spiraling prices on everything from rigs and workers to diesel fuel and frac sand.
A group of congressional Democrats is lobbying the Biden administration to overcome delays and approve a new program for offshore oil and gas leasing as Washington's ruling party faces pressure to reduce record fuel prices ahead of November's midterm elections. The lawmakers are asking the administration to publish quickly the next five-year offshore leasing plan, which is required by law and lays out the sales the government is to hold in a given year, as the current one will expire next month with no successor in place. BIDEN'S ENERGY POLICIES MIFF INTEREST GROUPS OF ALL KINDS The Outer Continental Shelf Lands Act directs the Interior Department's Bureau of Ocean Energy Management to develop a program laying out scheduled sales covering five-year periods. The current five-year program, which covers 2017-2022, ends in June. The Biden administration has not published a draft program, and the Congressional Research Service said in an offshore program update published last month that the administration is too far behind [...]