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LatinNews Daily - 01 December 2021

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In brief: Mexico’s Pemex creates new subsidiary

* Petróleos Mexicanos (Pemex), Mexico’s state-owned oil company, has announced the creation of a new subsidiary for the commercialisation of oil, gas, and petrochemical products. According to a statement by the oil company, “the objective of this new subsidiary will be to strengthen and increase Pemex’s participation in the national market for oil, gas, and petrochemical products”. Alberto Velázquez García, currently corporate director of finances, will be taking over the helm of the new subsidiary. Pemex was keen to stress that the subsidiary’s creation will not impact the main company’s budget, as its creation costs will be “offset by the current structure of the company’s commercial and supply areas”.