Carlos Slim boosts his oil empire: millionaire bet on key companies

Mexican magnate Carlos Slim has launched an aggressive strategy in the oil sector, intensifying his bets with a series of significant purchases in key companies in the industry. During the month of June, his family holding company, Control Empresarial de Capitales SA, acquired 2.5 million shares of PBF Energy Inc. for around US$113 million, thus becoming the largest shareholder of the refinery based in New Jersey, with a 14.7% stake. This move represents a shift for Slim, who had sold shares of the company in 2022 after a rebound linked to the pandemic. In a rare three-hour press conference held in Mexico City in February, Slim expressed his interest in the oil sector, highlighting the importance of production, refining, and proximity to petrochemicals. In addition to PBF Energy Inc., Slim has increased his investments in Talos Energy Inc., an exploration and production company based in Houston that operates in Mexico. Slim's family holding has raised its stake in Talos to 20.6% after acquiring shares continuously from January to June, becoming a key partner in the development of oil fields in Mexico. Altogether, Slim has allocated nearly US$500 million for the purchase of shares in these two American companies so far this year, according to regulatory documents. In addition, through his Grupo Carso SAB, he acquired Mexican oil fields from PetroBal for approximately US$530 million, consolidating his presence in the national energy market. Despite political and financial turmoil in Mexico, Slim has maintained his investment pace. The recent overwhelming victory of Claudia Sheinbaum's party in the presidential elections has not slowed down his movements in the energy sector, despite the uncertainty in financial markets. Slim's strategy is part of a year of expansion and diversification of his interests globally. In addition to acquisitions in the oil sector, the magnate has ventured into Europe and South America, as evidenced by his investments in the British telecommunications company BT Group Plc and the joint venture ClaroVTR in Chile. In a gesture that highlights his personal concerns, Slim has also increased his stake in ProKidney Corp., a company dedicated to developing therapies for kidney problems, a condition that has affected members of his family. In a context of economic and political turbulence in Mexico, Carlos Slim's determination to strengthen his presence in the energy sector and diversify his investments internationally reflects a long-term strategy that seeks to capitalize on opportunities in different industries and markets.