Mexico’s Pemex Says New Procurement Rules Aimed at Combating Graft

1/11/2017 New York Times

pemexMEXICO CITY — Mexico’s state oil company Pemex [PEMX.UL] said on Wednesday that updated procurement policies, such as renegotiating service contracts and fewer no-bid purchases, have led to more than 24 billion pesos ($1.10 billion) in savings for the cash-strapped firm.

Miguel Angel Servin, the company’s top procurement executive, said in a phone interview that beyond the savings, which occurred over the past year, the bigger goal is to minimize acts of corruption in its purchases.

“All of the actions that we’re taking revolve around more transparency, (contractor) certainty and more competition, and this is how we can minimize possible acts of corruption,” he said.

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