Pemex nearing sale of fertilizer unit

Fertilizers are non-core businesses for the oil company. Mexican state-owned oil firm Pemex is ready to spin-off its fertilizer business. In the opinion of rating agencies, despite its strong recent efforts to reduce operating costs, the company must still concentrate in rebuilding its proved reserve stock of 8.4 billion barrels of oil equivalent, that fell from 12.1 billion barrels in 2014. To reach the goal, every penny and every gram of concentration counts. A spin-off became an issue again when José Antonio Gonzalez Anaya, Pemex’s CEO (at the time of writing this article. Mr González was named Secretary of Finance on November 27, 2017), openly declared in a presentation at the Wilson Center in Washington D.C., that fertilizers is a […]