Mexican state-owned petroleum company Petróleos Mexicanos (PEMEX) has created a direct subsidiary to focus on the national marketing activities of oil, gas and petrochemical products.
PEMEX'S current CFO Alberto Velázquez García will head the new PEMEX subsidiary. Following the move, Velazquez’ role will be taken on by Antonio López, the company’s current deputy director of financial risk management and insurance.
PEMEX said in a statement that creating the subsidiary will provide exclusive insight into the domestic sales of oil, gas and petrochemical products.
"It is relevant to mention that this new subsidiary will not impact a growth in PEMEX's budget, since it will be created at costs offset by the current structure of the company's commercial and supply areas," said officials. "With this proposal, progress is made in the cycle of structural changes that the General Directorate of PEMEX has been implementing in order to strengthen the most important productive company of the State in the country."
Mexican President Andres Manuel Lopez Obrador is looking to roll back the reforms, organized by previous administrations, which allowed for foreign and private investments in the country’s energy sector.
As part of this effort, Obrador is exploring the revival of PEMEX and the state power utility Comision Federal de Electricidad, reported Reuters.
