Mexico’s Pemex could relinquish majority stake in refineries: CFO

5/13/2016 Reuters
Pemex LogoMexico’s state-owned oil company Pemex is seeking partners to operate its money-losing refineries and plans to “dilute” its ownership in the plants, even selling majority stakes, the firm’s financial chief said on Friday.

Chief Financial Officer Juan Pablo Newman said in an interview that Pemex is seeking private sector expertise to make its six domestic refineries more efficient, as an extended crude price slump and years of underinvestment in its downstream assets has battered the company’s bottom line.

“We may not have a majority stake in the refineries, but we are going to dilute our participation,” said Newman at his office on the 38th floor of Pemex’s headquarters in Mexico City.

He said Pemex aims to spend about 30 billion pesos ($1.65 billion) on its refineries this year, while it seeks additional investment from private partners.

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