New Pemex general director named

MEXICO CITY, July 30, 2018 – Mexican president-elect Andrés Manuel López Obrador (AMLO) has chosen a new general director to preside over NOC Pemex under the next administration, international media reported over the weekend.

Octavio Romero Oropeza will take the reigns of the state-owned company in December. Having no history in the oil and gas industry, Pemex’s incoming head previously served under AMLO when he was Mexico City’s mayor in 2000-2005.

Romero Oropeza is expected to face difficulties in bringing back into balance Mexico’s most important company, whose debt amounts to USD 100 billion and whose annual crude and refined products output have been sliding for several years.

During his announcement about the leadership change, AMLO also said his government would direct MXN 175 billion (USD 9.39 billion) towards strengthening the domestic oil and gas industry, including raising crude output and revamping refineries.

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