07 December 2012 19:35 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--Petroleos Mexicanos (Pemex) said on Friday that it must strengthen its resources through partnerships with the private sector, but the state-run oil company ruled out the possibility of privatisation.
“Public resources are no longer sufficient to develop the various entities of the state,” Pemex general director Emilio Lozoya Austin said. “We need more direct investment in cost-effective activities that generate greater added value.”
He said the need for investment and modernisation does not signify privatisation.
The "Pact for
However, the three-party deal precludes privatisation of Pemex installations.
Pemex has been dogged in recent years by accusations of corruption and inefficiency.
In May this year, Mexican opposition legislators accused Pemex of hiding $30bn (€23bn) of losses.
“My administration will have zero tolerance for behaviour that falls short of the legal framework,”
He also called for a more positive relationship with the company’s trade-union members.
Local media reported last week that
“We will address their concerns in an orderly and efficient manner,”
The Mexican president also appointed Pedro Joaquin Coldwell as the country's new energy secretary.
($1 = €0.77)
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