IPSA History - Timeline

Murat decided to open a company in Mexico to consolidate the volume of independent producers

Finally Konstantin authorised to incorporate a Mexican company.

IPSA Mexico was created

Marketing permit was obtained by Dentos

Export permit was obtained by Mexican office at cero cost

IPSA Mexico compited to become the marketer of the oil of the State

Trafigura became the trader of the Mexican State

Raul agreed with independent producers to buy the whole crude as soon as they get the rights to sale volumes (migrations)

First Migration is reached by Petrofac and Pemex

Geneva office stopped paying to Mexican accountants

Geneva office stopped paying salaries

Umberto proposed an scheme, Raul rejected it.

MS decided to close the office

First formal SWAP proposal to Pemex