Carlos Slim reinforces his oil empire with millionaire investments

Mexican magnate Carlos Slim has intensified his presence in the oil sector with a series of strategic moves in recent months. Through his family holding company, Control Empresarial de Capitales SA, Slim has made significant investments in companies in the industry, consolidating his position as a relevant player in the energy industry. During the month of June, the Slim family holding company acquired shares of PBF Energy Inc. on 13 different days, investing around US$113 million and becoming the largest shareholder of the refinery based in New Jersey, holding a 14.7% stake. This purchase marks a change in Slim's strategy, as he had sold shares of the company in 2022 after a surge driven by the pandemic. Slim has expressed his interest in the oil sector, emphasizing the importance of production and refining in this industry. During a press conference held in February in Mexico City, the 84-year-old entrepreneur stated that "it is a great company" and expressed his interest in being close to petrochemicals. In addition to his involvement in PBF Energy Inc., Slim has increased his stake in Talos Energy Inc., an exploration and production company based in Houston with fields in Mexico. The family holding company has raised its stake in Talos to 20.6% throughout this year, significantly strengthening its presence in the company. In total, Slim has allocated nearly US$500 million to acquire shares of U.S. oil companies in 2023, according to regulatory documents. Additionally, Grupo Carso SAB, owned by the Slim family, acquired Mexican oil fields through the purchase of PetroBal for around US$530 million in a recently closed deal. Despite the political and financial turmoil in Mexico, including recent elections and market volatility, Slim has maintained his focus on the energy sector. Although the overwhelming victory of Claudia Sheinbaum's party has caused nervousness among investors, Slim has continued with his investments and bets in this area. In addition to his moves in the energy sector, Slim and his family have also expanded their interests in Europe and South America in recent months. With investments in telecommunications companies and in the healthcare sector, such as ProKidney Corp., Slim is diversifying his portfolio and positioning himself in key sectors for the future. In a context of changes and challenges in global markets, Carlos Slim's investment strategy reflects his long-term vision and his commitment to strategic sectors. With a fortune of nearly US$92 billion, Slim remains an influential figure in the business world, demonstrating his ability to adapt to a constantly evolving environment and maintain his position as one of the most prominent entrepreneurs internationally.