Pemex signs export deal to export six million barrels of crude oil to Nippon Oil

Mexican state-owned petroleum company, Pemex has signed an agreement to export six million barrels of crude oil from Mexico to Japan’s JX Nippon Oil & Energy Corporation over the following six months.

Under the terms of the agreement, Pemex will ship six cargoes of light Isthmus crude to the Japanese petroleum group from August this year to January 2016, reports Fox News Latino.

The firm has already exported nearly four million barrels of crude to JX Nippon in the first half of the year.

JX Nippon, which operates seven refineries at Sendai, Kashima, Negishi, Osaka, Mizushima, Marifu and Oita in Japan, has a capacity to process 1.3 million barrels per day.

Pemex had been negotiating with Japanese and South Korean dealers earlier in the year about the chloride content of its crude, reports Reuters.

The state-owned company had agreed to offer discounts if the level of the corrosive chemical in the oil is found to be higher usual.

Pricing details for the deal, which is in line with Mexico’s initiative to strengthen relationships with the Asian nations, have not been disclosed.

Pemex will arrange shipping of the cargoes from its Salina Cruz terminal on the southern Pacific coast of Mexico.

Pemex expects the deal to strengthen Mexico as ‘an important supplier of crude to the Far East, the highest-growing region in the world.’