Carlos Slim, Latin America's richest man, continues to invest in the American energy sector, boosting his stakes in oil refiners and producers. This move aligns him with other prominent figures like Warren Buffett, who are also strengthening their positions in fossil fuels.
Carlos Slim, Latin America’s richest man, has increased his investments in American energy companies this year, joining the world’s leading tycoons in placing their bets on fossil fuels. Slim invested $602 million in Parsippany, New Jersey-based refiner PBF Energy Inc. (NYSE:PBF), raising his stake to 25%, and also purchased $326 million worth of shares in Houston-based oil producer Talos Energy Inc. (NYSE:TALO).
Last year, the Mexican billionaire’s Grupo Carso SAB agreed to acquire PetroBal SAPI’s stake in two oil fields in Campeche in southern Mexico for $530 million, expanding its commitment to energy production. Under the agreement, Grupo Carso will take a 50% stake in the Ichalkil and Pokoch oil fields, which produce approximately 16,350 barrels of crude oil equivalent per day. Carso shares surged to record highs following the announcement of the deal. Mexican President Andres Manuel Lopez Obrador welcomed the deal despite previously expressing criticism of energy reforms that opened exploration to private investment. “Why do I celebrate this? Because it stays in the hands of Mexicans and I’m sure that they’re going to invest to extract crude. I consider that to be good news,” the president said at his daily news conference. Obrador’s nationalist policies have led to the Mexican government becoming increasingly hostile to foreign companies. Last year, giant oil and commodities trading firm Trafigura was forced to scale back its oil trading business in Mexico due to shrinking margins. Trafigura has experienced margin compression as a result of fuel subsidies implemented by the Mexican government. Meanwhile, Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) has continued to expand its oil and gas holdings. Two weeks ago, Berkshire Hathaway purchased an additional 8.9 million shares of Occidental Petroleum (NYSE:OXY), bringing its total ownership to 260 million shares. Berkshire Hathaway’s OXY stake is currently valued at $12 billion, making it the company’s sixth largest holding
ENERGY CARLOS SLIM FOSSIL FUELS OIL ENERGY INVESTMENTS MEXICO
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