The US government issued a license for Pemex International Trade (PMI) in order to enable the proposed exchange to import light crude oil for processing in the national refining system, in exchange for the export of Mexican heavy crude for high conversion refineries in the northern coast of the Gulf of Mexico in the US.

This license gives Mexico the opportunity to benefit from current conditions in North America in the global energy sector.

Thus, Pemex will be able to import light crude for one year, starting October, for an amount of up to 75 thousand barrels per day.

Using these light crudes in Mexican refineries will reduce the production of fuel oil, and promote the manufacture of higher-value fuels, such as gasoline and diesel, which contain lower sulfur content and will generate greater economic gains for Petroleos Mexicanos.

It will also reduce the logistical costs of exporting fuel oil from refineries located in central Mexico and the import of automotive fuels into our country.

In mid-2014, Pemex, through PMI, submitted the exchange proposal to the United States Department of Commerce, aiming to optimize the operation of the country's refineries and maximize the value of Mexican crude exports.

Among the expected benefits from this oil exchange are: integrating an energy market in North America, strengthening Mexico - United States trade relations, greater logistics efficiency by reducing transportation costs through the preferential use of sea shipping to Mexico, and maximizing refining margins.

About Pemex

Pemex, Mexico's state oil company, is engaged in the exploration, production, transportation, refining, storage and sale of hydrocarbons and derivatives. Its products include petrochemicals, natural gas, liquid gas, sulphur, gasoline, kerosene and diesel. Pemex operates 344 production fields, 6,382 production wells, 225 off-shore platforms, 6 refineries, 8 petrochemical complexes, 7,896 km of gas pipeline, 4,548 km of oil pipeline, and 19 LPG distribution terminals.