Pemex Chief and Mexican Finance Minister Set to Head to New York to Meet investors

Photo via Alchetron

On Sunday, the company said that the finance minister of Mexico and the head of the state oil company is scheduled to meet investors in New York in the coming days. It comes at a time of political uncertainty regarding the future of the opening of the sector to private companies.

Pemex, a State-owned company, said that Carlos Trevino, its chief executive officer, and Jose Antonio Gonzalez, the finance minister who was also the previous CEO of the firm, is set to meet with executives of the financial sector in order to promote the business plan and internationalisation of the company.

Mexico has awarded contracts that are possibly worth billions of dollars since opening up gas and oil exploration and production to private capital in 2013-14. However,  a presidential election that is scheduled in July has thrown some doubt on whether the liberalisation will continue.

The front-runner in the election race is Andres Manuel Lopez Obrador, a leftist who has promised to review the contracts that were signed under the energy reform. Though softening his tone during recent months, he has been a longstanding sceptic of the opening of the energy market.

In a statement, Pemex said that Trevino is scheduled to meet executives from Citigroup, Credit Suisse, and Bank of America, as well as other firms.

The company said that he would emphasise the commitment of Pemex to the energy opening of Mexico, and to strengthening its finances during the meetings that are scheduled on the 26th to the 27th of February.

On Friday, David Ruelas was named as the chief financial officer of Pemex. He will also take part in the discussions.

In 2017, the Mexican oil company suffered a sharp drop in crude output. On Monday, it is scheduled to report its financial results for the fourth quarter.