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Pemex's era of profound change begins, CEO says

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IMAGE: CEO, Emilio Lozoya Austin »


Mexico's energy reforms are ushering in an era of profound change for the country and for state oil firm Pemex, and will generate the necessary conditions for greater development and better opportunities for the population, CEO Emilio Lozoya Austin said.

Pemex has begun its restructuring process to take better advantage of the tools provided by the energy reform to guarantee the firm's continuity and prosperity, and make it more competitive within the oil industry, Lozoya Austin told Pemex employees in Veracruz, according to a press release.

The company will create a strategic and diversified portfolio in the areas where it will explore and produce oil, which guarantee its short and medium-term viability, he added.

Pemex announced earlier in August that it would create three new subsidiaries and name a new board of directors by October. The firm will keep its profitable exploration and production unit PEP, while consolidating its other divisions focused on natural gas, refining and petrochemicals into a single unit, Transformación Industrial.

Article Credit: Bnamericas

Updated 4 Years ago

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