Economy & Business - January 2022

MEXICO: Gov’t efforts to rescue Pemex unlikely to be effective

State-owned oil company Pemex announced on 1 December that it had created a new subsidiary that will focus on marketing its oil, gas, and petrochemical products within the national market. The company claims that the new subsidiary will not have a detrimental effect on its budget as it has been “created at costs offset by the current structure of the company’s commercial and supply areas”. This is part of the goal of President Andrés Manuel López Obrador’s administration to make Pemex the dominant player in the sector, after its role was diminished with the energy reform introduced by former president Enrique Peña Nieto (2012-2017) in 2013 that allowed private investment in areas that were previously a state monopoly.

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