Mexico's Next President Promises Pemex Investment, Names New CEO
- Lopez Obrador says 175 billion pesos will go to energy sector
- Pemex posts biggest loss since 2016 even as oil prices rise
Photographer: Susana Gonzalez/Bloomberg
This article is for subscribers only.
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.