Armando Mejia Sanchez, the head of crude oil at the trading arm of Mexico’s state-owned oil firm Pemex, is retiring, according to people with knowledge of the situation.
Mejia, who was appointed to the role at Pemex’s PMI unit in 2019, will be temporarily succeeded by Celina Torres Uribe until a permanent replacement is announced, said the people, who asked not to be identified as the moves haven’t been made public. A Pemex representative didn’t immediately respond to a request for comment. Mejia couldn’t immediately be reached for comment.
The changes come at a crucial time for PMI as it prepares to sit down with oil refiners from the US and Asia to discuss how much oil it plans to export in 2023. One area of concern will be Mexican President Andres Manuel Lopez Obrador’s pledge to increase fuel production at domestic refineries, which could potentially reduce the amount of crude available for shipment.
Adding to the company’s internal challenges, Pemex and PMI have seen a string of director departures in recent years as the firm has struggled under the highest debt of any oil producer and long-term production declines.
Mexico is the top supplier of crude to Gulf Coast refineries including Valero Energy Corp. and Chevron Corp. and it delivers a significant share to Repsol SA. Every year, between September and December, traders pay a visit to the Torre Ejecutiva, where Pemex’s headquarters are located in Mexico City, for meetings with PMI’s top executives to discuss how much oil they may be able to buy.
Earlier this year, Pemex backtracked on a plan to slash crude oil exports by more than half as global oil prices were skyrocketing. Its Dos Bocas refinery, with a capacity to handle 340,000 barrels per day, officially opened in July but has yet to begin producing fuel.
Source: El Financiero
