Mexico replaces Pemex CEO

By
Tuesday, February 9, 2016

Mexico's President Enrique Peña Nieto appointed a new CEO at state oil firm Pemex amid a slew of changes to various ministries and his cabinet.

Emilio Lozoya Austin (pictured) was replaced by José Antonio González Anaya (pictured below), former director of the country's social security agency IMSS, according to a presidential press release.

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Local press were quick to refer to González Anaya as the "doctor" brought in to "cure" Pemex.

Peña Nieto gave González Anaya two main tasks: to accelerate Pemex's transformation to maximize the opportunities brought about by the energy reform, focusing on greater environmental sustainability, and to strengthen the company's finances and production amid the oil price slump.

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González Anaya is an economist, having graduated from MIT with a degree in economics before completing a PhD in economics at Harvard.

Lozoya Austin was appointed CEO in 2012 and presided over changes to the company's structure as part of the energy reform, but under his watch the company also posted record losses.

Pemex reported US$10bn losses in 3Q15 on account of the slump in oil prices and the depreciation of the peso.

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Pemex will need to adjust its cost structure, capex plans and strengthen its investments by partnering with the private sector, Peña Nieto said.

Other lineup changes announced by the presidency include the naming of José Narro Robles as health minister, and Mikel Arriola Peñalosa as IMSS director.

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