Mexico's President Andres Manuel Lopez Obrador said on Friday he had ordered Mexican authorities to help two sisters of Joaquin "El Chapo" Guzman visit the drug lord in the United States following his conviction for narcotics trafficking. During his regular morning news conference, Lopez
The report, published late on Wednesday, offers insight into how Pemex ended up creaking under $106 billion of debt during the six-year term of former President Enrique Pena Nieto. Mexico's Federal Audit Office (ASF) used unusually frank language in its assessment of Pemex's use of public resources, particularly with regard to the company's fertilizer subsidiary and a failed power generation unit. The fertilizer company suffered net losses of $665 million in 2017, and its assets were worth $1.1 billion less over the course of the year.
Mexico President Andres Manuel Lopez Obrador is freezing new joint-venture contracts with Petroleos Mexicanos, squashing investors' final hopes that the Mexico energy reforms can be salvaged. "What is already agreed will continue on course," said Pemex Chief Executive Octavio Romero during the president's morning conference. He said the energy company's focus now is to develop service contracts in the oilfield rather than so-called farm-out deals, the joint ventures where help in developing an oil area is exchanged for a stake.
President Andres Manuel Lopez Obrador said on Thursday Mexico will not offer more oil joint ventures between private companies and state energy company Pemex indefinitely, raising doubts about auctions set for October. In reply to a question about the contracts, known in the industry as "farm-outs
Mexican President Andres Manuel Lopez Obrador's race to build an oil refinery in record time on land that was until recently alive with mangrove, wild cats and boa constrictors, has run into trouble, complicating his effort to revive ailing state-oil company Pemex.