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Mexico's federal oil company Pemex has been named Latin America's most valuable brand by UK-based consultancy Brand Finance, ranking 190th among 500 companies worldwide.
"To understand where the highest value resides among Latin America's brands, one need not look further than the region's banks, telecoms, and oil and gas sectors," Brand Finance said in its annual ranking report.
Pemex, with a brand value of US$8.4bn, jockeyed for top position in the region as global players race into the deregulated Mexican market to compete for their fair share, it added.
"Of interest will be to see how Pemex handles its prominence in Mexico, while also growing the brand outside of its natural territory and venturing to compete on the international stage," the consultancy added.
Pemex lauded its place in the ranking, with CEO Carlos Treviño Medina saying the company is the most important in the country not just for its finances, but also as a friend to the communities in which it operates, according to a statement.
Worldwide, Amazon took the top spot from Apple, with Google in third place. The e-commerce giant's brand value increased 42% to US$151bn in 2017.