The worst administrator in Pemex: Coppel

National
The financial operation went to get up to the Repsol in bankruptcy
The worst administrator in Pemex: Coppel
By: Carlos Damian August 15, 2012
The investment in Pemex in Repsol loses value
México. – The General director of Petroleos Mexicanos (Pemex), Juan Jose Suarez Coppel, intended that the oil company stops to be company property of State and for this told it that it is necessary to carry out constitutional changes to grant it administration autonomy and budgetary, as well as similar explanation about money to which has the Bank of Mexico. A great problem affirmed, it is the condition of the company property of State. "We cannot have a single operator with so many restrictions. If we don't have a strong operator we are destroying value for today's Mexicans and of the future’s citizens". It pointed out that if Pemex had the same fiscal régime that the oil company of Brazil, Petrobras, it would have paid in 2011 about 100 thousand million less pesos.

The reformations of high taxes that Pemex suffers
In the current federal government's first five years, in spite of having been registered the biggest number of tributary " reformations " (included those of the fiscal régime of Pemex), the level of revenues non oil tankers was not increased and the dependence of the oil resources practically stayed in the levels average registered in the previous six years. The dependence of the revenues coming from the oil activity has not been so evident due to the negative rates in the oil IEPS (in Spanish), situation that reduced the levels of revenues coming from the petroleum considerably. Between 2007 and 2011 the subsidy to the gasoline was from 39 thousand 867 million dollars to equivalent prices of 2012, to 80.4 percent of those of the oil rights estimated for the fiscal régime of 2012. However, in spite of the growing dependence of the import of gasoline and other fuels, the Calderon’s government of anything made to correct this lamentable situation.

But also, with the diverse changes to the fiscal régime of Pemex has been looked for to diminish the fiscal load of the company property of State by means of the establishment of new rights to the extraction of raw petroleum and natural gas; however it is a fact that the prices of the petroleum registered during the last years have avoided that the dependence of the oil company decreases and that the public finances of the country, have important deficit. "Therefore, in the face of the inability of elevating the levels of tributary collection by means of the reformations outlined by the government, the oil revenues have been a sustenance for the public finances that sooner or later it will be substituted by collection mechanisms that make more efficient the obtaining of resources and put an end to the omission practices and fiscal escape". This way the dependence that the public finances have of the oil revenues they had maintained in ranges of among 33.2 percent (1995, and 35.4 percent (estimate for 2012), nothing else distant to the "ballast" argued by the general director of Pemex.

The investment of Pemex has lost 52.8% of its value in Repsol
In so far in the year, the investment of Pemex in the oil company Repsol registers a loss of value of 52.8 percent, when they are dropping the value of the actions of the oil company in the stock-exchange market of Madrid, as they reveal official reports of the company property of State. This way, the investment of Pemex that they carried out at the end of August and principles of September of 2011 to increase a little more than 9 percent its participation in the Spanish Repsol registers a loss of its value, when falling the price of the actions of 30.51 dollars for title, at December 30 of last year, to 14.39 dollars for action at July 26 2012. This way, in the period January-July of 2012, the stock package that Pemex of Repsol possesses observes a loss of value at least 12 thousand 389 millions 81 thousand pesos, equivalent to about 923 millions 180 thousand dollars. (The Jornada,8/17/12)

During 201, 57 millions 204 thousand 240 actions were acquired in Repsol YPF, Corp. (Repsol) with a cost of a thousand 385 millions 588 thousand dollars. These actions were acquired by means of a subsidiary of PMI with headquarters in Holland, through which Pemex obtained artificial and economic direct participation of these actions for approximately 4.69 percent of the patrimony of Repsol. Also from 2008, Pemex has subscribed and renovated the instruments of exchanges denominated equity swaps(ES, in English), with financial institutions on 58 millions 679 thousand 799 actions of Repsol for the one that Pemex has obtained the economic rights and of additional vote (approximately 4.80 percent of the patrimony of Repsol).

These operations were carried out to the margin of the PEMEX’s council
The stock holding of Pemex on the actions of Repsol, together with the economic rights and of vote acquired through ES, they increased the economic right and of vote in the Spanish oil company to 9.49 percent. To make in front of this “investment ", Pemex hired debt for 600 million dollars to complete a figure total of a thousand 600 million dollars and to increase this way its participation in Repsol. The fraudulent operation was carried out without the authorization of the administration’s council of Pemex through a branch of Pemex with headquarters in Holland that doesn't have employees and that it cannot be revised because it is outside of the territory, to the margin of the Mexican laws and subject to the laws and Spanish tribunals.

These financial operations have been made to the margin of the Mexican Constitution, and it has been ballast the current General director of Pemex, Juan Jose Suarez Coppel, taking to the ruin in this administration’s six years to Pemex for their bad investments and clumsy handlings to the margin of the law. It is a miracle that we still have Pemex with life with these terrible administrators, and the federal administration still rewards them when lending them money for its private companies that are in bankruptcy. (La Jornada, economia, p.p. 4- 28, August 7, 2012).