Pemex will concentrate the trade of all its products within the country in a new subsidiary

Mexican oil (Pemex) will create its own subsidiary which will concentrate all the national commercialization activities of oil, gas and petrochemicals, as approved by the board of directors of the oil company.

The above, in order to “strengthen and increase Pemex’s participation in the national market”Of these products.

This new subsidiary company will report directly to the general management of Petróleos Mexicanos, for which it will be constituted as a direct subsidiary and will have an exclusive orientation to internal sales of oil, gas and petrochemical products.

“It is relevant to mention that this new subsidiary will not impact with a growth in Pemex’s budget, since it will be created at costs offset by the current structure of the company’s commercial and supply areas,” Pemex explained.

Alberto Velázquez García, current corporate director of Finance, will be in charge of this new subsidiary, for which Antonio López Velarde is appointed as a substitute due to the absence of the head of the Corporate Finance Department as of December 1, 2021, who until this day he was deputy director of Risk Management and Assurance at said address.

It should be remembered that before 2015, Pemex was divided into four subsidiaries for the operation: Exploration and Production, Refining, Gas and Basic Petrochemicals and Petrochemicals, in addition to its multiple subsidiaries for operations abroad together with the international trading company – which is a of the largest in the world-, PMI, and a Corporate.

But as of the reform, new subsidiaries were added, being structured in Pemex Exploración y Producción, Transformación Industrial (which covered all the processes of elaboration of petroleum derivatives); Logistics, Ethylene, Cogeneration, Fertilizers and Drilling, in addition to the subsidiaries, PMI and the Corporate.

And with the arrival of the present administration, the activities were concentrated again until they remained in the structure that exists today: Pemex Exploration and Production, Industrial Transformation, Logistics and Corporate, together with the subsidiaries and PMI.

The new subsidiary will have a similar structure to PMI, as reported by Pemex, since it will carry out its functions but at the national level and for this it will have a budget from the company’s Corporate, supported with specific items for the commercialization of either Industrial Transformation or of Logistics, depending on the activity, just as PMI receives resources from Pemex Exploración y Producción, which is interested in selling the crude it produces.

For 2022, the Ministry of Finance approved a consolidated budget of 382,236 million pesos for the activities of Pemex, an amount higher by 0.8% higher in real terms at prices of 2022 compared to 2021.

For Exploration and Production, 364,000 million pesos will be allocated, an amount 17% higher in real terms than that assigned last year, while for Industrial Transformation the item will be 9,926 million, with a real annual reduction of 21%, for Logistics of 7,465 million pesos, an item that is double that of this year, and 854 million pesos will be available for the Corporate, an amount that is also double that assigned for this year.

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