Mexico: PEMEX resumes asset sales

Mexico’s state-owned oil giant PEMEX has said it will continue to sell off several of its property assets in gas service stations, as well as housing provided to workers and employees, which the company sees as a financial burden after extensive restructuring. According to the official Annual Program for Property Asset Divestment, approved by PEMEX’ Board of Directors in March, the service stations and housing properties selected will be put to auction in several cities around the country.

The program plans for the sale of six service stations this year, located in major population centers throughout Mexico. The sale price will be determined by independent auditors, with properties located in Mexico City, Puebla, and the states of Hidalgo and Jalisco.

PEMEX has so far put 43 service stations up for sale since June 2016, out of 56 currently being operated by third parties. The service stations for sale were selected due to their reporting discrepancies in their lease contracts. PEMEX’ asset sale is part of an extensive reform to the oil and energy sector pushed by the current administration and passed in 2013, with the aim of opening the hydrocarbon sector to effective competition after nearly a century of state-run monopoly.

Full Content: El Universal

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.