On Tuesday, March 22nd, 2016, the Federal Official Gazette published the Resolution by means of which the Energy Regulatory Commission issues the General Administrative Provisions applicable to the First-Hand Sales and Trading of gasoline and diesel, with asymmetric regulation for Petróleos Mexicanos (“Pemex”).
These Provisions set forth, among others, that: (i) Pemex and its controlled entities shall allow the early termination by the buyers under gasoline and diesel first-hand sale and trading contracts, without any penalties, as long as they notify their decision at least 30 business days in advance; and (ii) the term of these contracts shall be determined by the parties without any limitation by such Commission.
