Job loss in the cards for Pemex

Mexico

MEXICO CITY, February 19, 2016 – Mexican state oil company Pemex will slash jobs as part of ongoing cost-cutting measures, newly appointed CEO José Antonio González Anaya said on Friday.

Interviewed for Mexican television, Anaya did not disclose how many people would be affected.

Pemex is burdened by debts in de range of USD 200 billion. On Thursday, the company cut its 2016 budget by USD 5.5 billion. In the third quarter of 2015, Pemex posted losses of USD 10 billion.

After 12 straight quarterly losses, Emilio Lozoya Austin was forced to step down earlier this month.

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