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Pemex forms subsidiary company

Published by , Editorial Assistant
Hydrocarbon Engineering,

Petróleos Mexicanos (Pemex) has confirmed that its Board of Directors has authorised the creation of a direct subsidiary company that will concentrate on all of Pemex's national marketing activities in Mexico.

The objective of the new subsidiary will be to strengthen and increase Pemex's participation in the national market for oil, gas and petrochemical products.

This new subsidiary company will report directly to the General Directorate of Pemex, constituting as a direct subsidiary with an exclusive orientation to internal sales of oil, gas and petrochemical products.

This new subsidiary will not contribute to a growth in Pemex's budget, as it will be created at costs offset by the current structure of the company's commercial and supply areas. With this proposal, progress is made in the cycle of structural changes that the General Directorate of Pemex has been implementing.

Alberto Velázquez García, Corporate Finance Director of Pemex, will be in charge of the subsidiary.

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