Pemex weighs business plans
THE NEWS
MEXICO CITY – The general director of Petróleos Mexicanos (Pemex), Emilio Lozoya Austin said that the parastatal company plans to launch various utility companies next year to compete with private businesses after the onset of the energy reform.
The reform, approved in December, and whose secondary laws are still being discussed in the Congress, ends the more than 70 year monopoly of Pemex and seeks to invest private capital to increase oil production.
“The business plan we are analyzing for next year involves an internal restructuring, and the launch of several new businesses that will be 100 percent owned by Pemex,” said Lozoya Austin.
The official said that Pemex has significant assets that could provide services to new companies that enter the sector such as transportation and logistics companies, drilling companies and electrical power plants.
Once the reform is implemented, Pemex will compete with other companies for oil exploration and extraction contracts.
The Energy Secretariat must, by mid-September assign the fields to Pemex, and subsequently, with the approval of the Energy Secretariat, Pemex could re–contract the allocated areas. After Pemex is assigned fields in the initial stage called “round zero,” the remaining fields will be free for private investment.
With the adoption of the secondary energy laws, Pemex expects investment in the sector to increase by almost 50 percent, passing from the current $27 million to $40 million annually and translating to an investment increase of $13 million.
“The approval of the energy reform will create jobs and create a more competitive market. In addition, it will lower the prices of electricity and natural gas,” said Emilio Lozoya.
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