Pemex replaces CFO as Mexico’s president tightens his grip

World Oil | Dec 2, 2021 at 1:00 AM
  • Petroleos Mexicanos is replacing its finance chief as President Andres Manuel Lopez Obrador tightens his grip on the struggling state oil giant.
  • Lopez Obrador, widely known as AMLO, has made Pemex the focus of his strategy to revive the Mexican economy by making it self-sufficient in gasoline, and he’s rolled back the liberalizing energy reforms of his predecessor to give Pemex a bigger role in the domestic market.
  • Velazquez, who had been finance chief since President AMLO took power in late 2018, will head the newly created unit in charge of selling oil, gas and petrochemical products to the domestic market.