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December 1, 2021

Mexico’s Pemex launches new subsidiary to sell petrochemical products

The new subsidiary will focus on gaining larger shares of the domestic oil, gas and petrochemical markets for Pemex.

By Archana Rani

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.

The new subsidiary will focus on strengthening and boosting Pemex’s place in the national market for oil, gas and petrochemical products.

Pemex’s current corporate finance director Alberto Velázquez García will be in charge of the new subsidiary, which will report directly to the Pemex general directorate.

This will provide the company with exclusive insight into the internal sales of oil, gas and petrochemical products.

The firm said in a statement: “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.

“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, organised by previous administrations, which allowed for foreign and private investments in the country’s energy sector.

As part of this effort, Lopez Obrador is exploring the revival of Pemex and the state power utility Comision Federal de Electricidad (CFE), according to Reuters.

Earlier this year, Mexico’s Ministry of Energy (SENER) selected Pemex to operate the Zama oil field located in Block 7 of the Sureste Basin, offshore Mexico.

The Zama field, which was discovered in 2017, is estimated to hold approximately 700 million barrels of oil.

In May 2021, Royal Dutch Shell agreed to sell its stake in the Deer Park refinery in the US to Pemex for $596m.

Pemex currently owns a 49.995% stake in Refining Limited Partnership, which operates the refinery.

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