La Jornada: IP supports the relief at Pemex

The Board of Directors of Petróleos Mexicanos (Pemex) became aware of the change in the general management of the company, which is headed by Juan Carlos Carpio Fragoso, while the private initiative supported the appointment.

In a joint statement, Pemex and the Ministry of Energy (Sener) indicated that in extraordinary session 1052 of the Board of Directors the official committed to providing operational and financial continuity to strategic projects, with a focus on strengthening production, the development of new fields and the use of natural gas.

“We will continue to advance in refining, petrochemicals, fertilizers, logistics and energy cogeneration projects, with the aim of strengthening operational efficiency, the company’s financial position and its sustainability,” said Carpio Fragoso, who also recognized Pemex workers as the company’s greatest asset.

The new director has more than 20 years of experience in the public sector; specializes in finance, treasury and debt management.

He has a degree in economics from the National Autonomous University of Mexico and a master’s degree in public management from the Center for Economic Research and Teaching. Since October 2024, he has directed Pemex’s financial strengthening strategy, which includes budget discipline, austerity, optimization of liabilities and coordination with tax and energy authorities.

With him at the head of the finance department, Pemex reduced its financial cost, successfully participated in the local capital market and reached its lowest debt level since 2014.

Carpio has strengthened financial stability in complex contexts, designing financial programming models that mitigated the 2008 and 2020 crises in Mexico City.

In an interview, José Medina Mora de Icaza, president of the Business Coordinating Council (CCE), expressed the support of the private initiative for the appointment of Carpio Fragoso.

“Pemex’s situation is delicate and we hope that the financial profile of the new director will help in this phase. It seems to us that the fact that he comes from the financial side helps Pemex’s situation. Its main problem, its main challenge, is financial,” he added.

Medina Mora de Icaza also recognized that the Pemex situation will not be solved overnight, as profound changes are required.

Miguel Benedetto, general director of the National Association of the Chemical Industry of Mexico (ANIQ), told The Day that, regardless of who the general director is, the sector trusts in the disposition of the new official and will work with Pemex to develop the chemical industry, as established in Plan México, for the benefit of the country.