PEMEX: Pemex Industrial Transformation will challenge the Cofece fine before the Judicial Power, as illegal and disproportionate

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Pemex issued the following announcement on Aug. 21.

Today, the Economic Competition Commission (Cofece) made public the fine imposed on Pemex TRI for more than 418 million pesos for allegedly breaching one of the commitments acquired in October 2016 to restore competition in marketing and distribution of 7 oil.

On the particular Pemex Industrial Transformation you want to express the following:

1. Pemex TRI has fulfilled all the obligations assumed with the Cofece to avoid undue practices to the competition in the commercialization and first hand sale of the investigated petroleum products.

2. Pemex TRI has collaborated from the beginning with the Cofece to correct these practices. Since Pemex TRI assumed the commitments with Cofece, it has corrected all the observed practices.

3. Among the commitments assumed, Pemex TRI was obliged to submit an annual report for five years by an external auditor that proves that equitable treatment is given to traders of the investigated oil companies. Said report must be submitted during the first quarter of each year.

4. Pemex TRI ratified the commitments on October 11, 2016, so the obligation to formulate the annual report of the external auditor expired on October 11, 2017. After that period, the report had to be submitted during the first quarter of 2018. The report of the external auditor was presented on March 23, 2018.

5. However, Cofece estimated that the annual audit report for the first year was presented extemporaneously. In his opinion, it should have been submitted during the first quarter of 2017, that is, four months after signing the commitments, which contradicts the annuity nature established by the Commission itself and Article 114 of the Federal Law of Economic Competition..

6. Pemex TRI will exercise its rights before the Judicial Power, to challenge this measure, given the illegal and disproportionate nature of the fine.

7. Notwithstanding the foregoing, Pemex TRI will continue to promote competition through actions that promote transparency and clarity in relations with its customers.

Original source can be found here.

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