Eye of fire in the Gulf of Mexico: which banks and investors are backing Pemex?

The document highlights the financial backing of Pemex by global banks and investors following a pipeline leak and fire in the Gulf of Mexico. It criticizes Pemex's plans to expand production by 2050 and calls for the financial sector to end support for oil and gas expansion, particularly high-risk offshore drilling, ahead of COP 26.

• Pemex is identified as a major global polluter with plans to expand production and access new reserves through 2050. If these plans are maintained, the company could emit an additional 2,385 tons of CO2 by 2050, which is five times the 2018 CO2 emissions of Mexico.
• Between 2016 and 2020, Pemex received 55 billion dollars in financing for carbon-intensive activities. HSBC is the primary supporter with 6.3 billion dollars, followed by JP Morgan Chase. Other significant banking backers include BBVA, Bank of America, Mizuho, Citi, SMBC, Santander, BNP Paribas, and Crédit Agricole.
• Major bondholders in Pemex include AM Fidelity Manager Investment (FMR LLC) with over 5 billion dollars, Allianz SE with over 3 billion dollars, and BlackRock, Dodge, Capital Group, and Prudential Financial Inc, each holding 1.5 billion USD. French financiers Crédit Agricole/Amundi and Carmignac hold 720 million USD and over 500 million USD respectively.
• The document warns that risks associated with offshore drilling increase with depth, noting that the risk of an industrial accident rises by 8.5% for every 30 meters of depth. It cites a recent leak and fire at the Ku Maloop Zaap platform, located 100 meters below sea level, as evidence of the complexity of intervening in offshore disasters.

APA

admin (2021). Eye of fire in the Gulf of Mexico: which banks and investors are backing Pemex? Reclaim Finance. https://reclaimfinance.org/site/en/2021/07/06/eye-of-fire-in-the-gulf-of-mexico-which-banks-and-investors-are-backing-pemex/

Chicago

admin. Eye of fire in the Gulf of Mexico: which banks and investors are backing Pemex? Reclaim Finance, 2021. https://reclaimfinance.org/site/en/2021/07/06/eye-of-fire-in-the-gulf-of-mexico-which-banks-and-investors-are-backing-pemex/.

Wikipedia

{{cite press release |last1=admin |title=Eye of fire in the Gulf of Mexico: which banks and investors are backing Pemex? |publisher=Reclaim Finance |date=6 July 2021 |url=https://reclaimfinance.org/site/en/2021/07/06/eye-of-fire-in-the-gulf-of-mexico-which-banks-and-investors-are-backing-pemex/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2021eye, author = {admin}, title = {{Eye of fire in the Gulf of Mexico: which banks and investors are backing Pemex?}}, publisher = {Reclaim Finance}, year = {2021}, month = jul, url = {https://reclaimfinance.org/site/en/2021/07/06/eye-of-fire-in-the-gulf-of-mexico-which-banks-and-investors-are-backing-pemex/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }