THE NEWS
Pemex announced Wednesday that it will implement new internal control procedures in line with its strategic objectives as the current state-owned oil monopoly prepares to open up for investment.
The Internal Unit of Institutional Control said in a communication that the new procedures are designed to support a framework of transparency, accountability, and corporate ethics at Pemex (Petróleos Mexicanos).
The internal control unit works to achieve greater efficiency by adopting best practices, strategic risk management, generating information, allocation of resources and compliance with legal and regularity frame work.
The new rules include tools that allow Pemex to face the challenges of being Mexico’s petroleum producer and of participating and being competitive in the international energy market.
The Independent General Direction Unit of Pemex offers separate but complementary revisions to the directives of the Internal Unit of Institutional Control. The main responsibility of the general direction unit is to coordinate efforts within Pemex so that on a daily basis preventative measure are implemented and the organization is working toward its objectives.
Also the unit provides a link between the company and various internal branches to oversee the implementation of the revisions and to review the results.
The Finance Secretariat (SCHP) said earlier this month that the partial privatization of Pemex will be completely transparent, that the bidding will be broadcast live, and that contracts will be awarded to those who offer the most resources to Mexico.
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