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Mexico

Government Stands by Pemex Despite Hard Times, President says

President Enrique Peña Nieto confident that 100 billion adjustment and backing from the state will see Pemex through hard times

Saul Lopez
By Carmen Gudiño Whatsapp Twitter Facebook Share
2 years ago

Despite the current complexity of the global context, Petróleos Mexicanos (Pemex) is still standing and is not alone to face these hard times, stated President Enrique Peña Nieto during the celebration of the 78th anniversary of the Petroleum Expropriation.

Pemex can count on the total, unwavering, permanent and decided backing of the Republic’s government. Pemex has always backed Mexico and today with all conviction I can say that Mexico will know how to back Pemex.”
-Enrique Peña Nieto. President of Mexico.

On this arduous and challenging road, the Mexican oil company needs to act with audacity and determination, and like all oil companies in the world it must be able to do more with less, generate efficiency, cut costs, augment productivity and orient its investments towards more profitable projects, said the president.

President Enrique Peña Nieto arrives to the celebration of the 78th anniversary of the Petroleum expropriation. Photo: Cuartoscuro/Saúl López.

President Enrique Peña Nieto arrives to the celebration of the 78th anniversary of the Petroleum expropriation. Photo: Cuartoscuro/Saúl López.

“Pemex has to act responsibly as a productive state company, its directors and board will have to take hard but necessary decisions, the adjustment plan they have approved represents a clear route to face the situation and at the same time strengthen this great national company looking ahead.”

The president assured that with this aim the approved 100 billion pesos adjustment plan will be crucial. Due to this, he added that the Treasury and Public Finance Secretariat and the Energy Secretariat have instructions to accompany and support the adjustment process and modernization of Pemex so the government-owned company takes full advantage of the schemes the energy reform offers it.

“National and international investors want to work with Pemex, they want to learn from you and forge strategic alliances. I will repeat there are difficulties, but there are alternatives and above all there is a plan of solutions, no difficulty complex as it may seem will be greater than the capacity and strength of petróleos mexicanos and its workers.”

The president was confident that these troubled times could be an opportunity for Pemex to strengthen structurally and become a reference in the world energy industry.

THE NEWS

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