Weekly Report - 22 September 2016 (WR-16-37)

MEXICO | Pemex’s cost-cutting plan comes under question. Dante Yamil San Pedro, the technical secretary of the national energy commission at the Confederación Patronal de la República Mexicana (Coparmex) local private-sector lobby, has criticised the fact that that even though the state-owned oil firm, Pemex, is engaged in a major cost-cutting drive, the company is now spending more on managers than ever before. San Pedro’s criticism, made in an interview with the Spanish daily El País on 20 September, fuels concerns about Pemex’s future as the government led by President Enrique Peña Nieto advances its plans to turn it into a more nimble and competitive firm that can compete in Mexico’s newly liberalised oil production sector by forcing it to ‘cut out the fat’ and to shore up its finances.

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