Is Pemex's turnaround moving fast enough?

Is Pemex's turnaround moving fast enough?

Mexico Bonds Features

Juan Pablo Newman knows firsthand how lower oil prices are forcing belt-tightening at Pemex. When he took over as the chief financial officer at the Mexican state oil company in January, he became the first employee to join under a new pension scheme that enrolls employees into individual retirement accounts instead of defined benefit plans. The intent: to help ease the company’s liabilities. “All of us new employees are subject to a different regimen — this ensures that [pension obligations] won’t continue to grow,” Newman tells LatinFinance.   Suffering from lower oil prices, declining production and a sharp cut in its budget, Pemex, long a cash cow for the Mexican government, is working d

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