Bermuda Company Wins Mexican Gas Contract
Mexican state-owned oil company Pemex said yesterday [Nov.4] that Petredec Limited, a privately owned liquefied petroleum gas trading company headquartered in Bermuda, won a bidding process to supply gas in 2012 and 2013.
Mexico imports about a third of its gas needs and said it had saved more than $100 million by allocating the contracts covering the period from April 2012 to March 2013 using a reverse auction process in which the cheapest bidder wins.
Pemex did not reveal the volume or price of the winning offer but said the auction cost was $0.18 per gallon.
Petredec Ltd. Bermuda was formed in 1980 in a joint venture between a US-based company Petrolane and a Saudi company Redec with the desire to trade LPG in Europe and across the Atlantic. The gas-trading and and ship-owning company has offices in key locations around the world. Its headquarters are on Par-La-Ville-Road in Hamilton.
Pemex said in a statement more than 40 companies had signaled interest in the reverse auction, which was used to have gas suppliers bid down the price in real time, and reiterated that gas purchases would be between 228,000 and 952,000 metric tonnes.
