A PYMNTS Company

Mexico: PEMEX challenges US$20m sanction imposed by COFECE

By  |  August 28, 2018

Mexico’s state-owned petroleum company, Pemex Transformación Industrial (TRI), announced that it will exercise its rights before the Judicial Power to challenge the fine imposed by the Federal Commission of Economic Competition (COFECE), announced last Tuesday, August 21, for more than 418 million pesos (US$22 million), for having allegedly failed to fulfill one of the commitments acquired in October 2016 intended to restore competition in the oil sector.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Petróleos Mexicanos (Pemex) described the fine as illegal and disproportionate, claiming it has fulfilled all the obligations to avoid undue practices in the marketing and first hand sale of the products in question.

    “Pemex TRI has collaborated from the start with COFECE to correct these practices. Since Pemex TRI assumed the commitments with COFECE the company has corrected all the observed practices,” TRI’s statement said.

    The company further recalled that in 2016 it modified seven petroleum marketing contracts that corrected inequitable practices, and acquired various commitments. However, COFECE estimated that the annual audit report for the first year was delayed, because in its view it had to be submitted during the first quarter of 2017, that is, four months after the commitments were signed.

    Full Content: T21 mx

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.