According to the Bloomberg, people close to the matter said Shell was among seven entities to have worked with the Mexican government in the hedge, which should translate to revenue of USD 9.5 billion in 2017 based on the put options it purchased earlier this year.
Prior to Shell’s alleged participation, Mexico solely relied on banks for its hedging programme. According to government data, the financial players involved include JPMorgan Chase & Co., Goldman Sachs Group, Morgan Stanley, Barclays, Citigroup and BNP Paribas.
In 2015, Mexico earned USD 23.2 billion from oil exports. While significant, the figure was topped by cash remittances from Mexicans living abroad, which came out at almost USD 25 billion, CNN reported late on Thursday.
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