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Pemex's liquidity crisis by January 2016, and appointment of new CEO Gonzalez Anaya
05/04/2016
Emilio Lozoya is replaced as CEO in May 2016 by a close associate of finance minister Videgaray, Gonzalez Anaya, who is expected to come up with $5.8 billion in spending cuts. Inefficiency and wasteful spending was not checked early enough at Pemex folowing the collapse in oil prices- leading to a liquidity crisis. A report in the WSJ cites a Pemex official who says Pemex was down to $8 million in cash at one point in Jan. 2016. The Mexican government reduces taxes for Pemex and pays suppliers during the liquidity crisis. Anaya cites one example of wasteful spending, an order to buy computers that was cancelled saving $171 million. Anaya says the computers should have been leased. that was cancelled resulting in savings of $171 million, which he says should be leased.
Grouped Articles
Pemex Chief: Mexico’s Oil Giant on Track to Meet Spending-Cut Goals
Wall Street Journal 05.04.2016
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