Lukoil PJSC’s buying and selling unit Litasco SA is launching a Mexico operation because the oil large seeks new markets for Russian merchandise beneath widespread sanction.
Litasco employed oil merchandise dealer Yuri Carreno for its new workplace in Mexico Metropolis, in response to folks with data of the state of affairs. Carreno, who beforehand spent 25 years as a senior gasoline dealer at Petroleos Mexicanos’s buying and selling arm PMI, began in July, stated the folks, who requested to not be recognized discussing inside issues.
Lukoil and Carreno didn’t return a number of requests for remark.
The enlargement into Mexico, which is Latin America’s largest gas importer, would open up a brand new marketplace for Russian fuels which can be beneath sanction by G-7 nations following Russia’s warfare in Ukraine. Whereas Mexico has imported from Russia solely as soon as for the reason that warfare started, Russian shipments have been making different inroads into Latin America. Brazil has been importing document volumes of diesel from the nation. Argentina, too, has been shopping for naphtha and diesel.
If profitable, the hassle might see Russia displace the US as Mexico’s high gas provider. The US at present provides 90% of Mexico’s gasoline and diesel imports.
–With help from Amy Stillman and Archie Hunter.