(MarketWatch) – Mexican President Enrique Peña Nieto on Monday replaced the chief executive of Petróleos Mexicanos, shuffling the management of the state oil company as it struggles with the fallout from the plunge in global oil prices.
Peña Nieto appointed José Antonio González Anaya as the head of Pemex, in the place of Emilio Lozoya Austin, who has led the company since December of 2012. González Anaya is a former deputy finance minister, and was director of the Mexican Social Security Institute for the past three years.
The two basic challenges facing the new head of Pemex are to take advantage of the opportunities opened to the company under the country’s new energy laws, such as forming partnerships with the private sector, and to strengthen its finances and production at a time of low world oil prices, Peña Nieto said.
Priority must be placed on efficiency and profitability, with emphasis on international competitiveness, which will require adjustments in its cost structures and spending, he added.
By Anthony Harrup
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