Mexico mulling buying fuel from far-off India

MEXICO CITY (Reuters) – Mexico, a major oil exporter but an importer of refined fuel, is mulling buying gasoline from faraway India if prices there undercut costly U.S. refineries, state oil monopoly Pemex said on Tuesday.

Pemex will examine market conditions in the second half of the year, when India is expected to complete a new oil refinery that could take in Mexican crude and ship back refined fuel.


“It’s being evaluated and it will depend on price levels,” said Pemex spokesman Carlos Ramirez.

Dogged by a lack of capacity at its six refineries, Mexico has been a net fuel importer for several years and currently buys a hefty 40 percent of its fuel from U.S. refineries.

Reuters