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Mexico’s Next President Promises Pemex Investment, Names New CEO

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A view on the sunset of the burner tower in the Pol-A of Petroleos Mexicanos, PEMEX, processing complex platform, at 70 kms. northwest Ciudad del Carmen, Campeche state, Mexico, on Saturday, March 29, 2014. Photographer: Susana Gonzalez/Bloomberg

The following is an excerpt from Amy Stillman | July 27, 2018 | Bloomberg.com |

Mexico’s incoming president named a new chief executive officer for Pemex and promised government investment of 75 billion pesos ($4 billion) in the oil sector, in a bid to revive the state-owned oil company.

Andres Manuel Lopez Obrador tapped longtime political ally Octavio Romero Oropeza, who has no oil background, as the next CEO of Petroleos Mexicanos. Romero will take over when the new government comes in this December. The announcement came at an event in which the president-elect promised to boost crude output as part of a 175-billion-peso rescue plan for the industry. He said 49 billion pesos will be spent on refinery upgrades.

Andres Manuel Lopez ObradorPhotographer: Mauricio Palos/Bloomberg
Romero, 59, was a government official during Lopez Obrador’s five-year term as the mayor of Mexico City from 2000 to 2005. He also shares the same birthplace as the leftist leader, the oil hub of Tabasco. Lopez Obrador has said he wants to to revitalize oil ghost towns there and build a new refinery near the port of Dos Bocas at a cost of 160 billion pesos.

For more visit: Bloomberg.com

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