Mexican oil company Pemex has been taking steps to ride out the drop in oil prices and the financial contraction it is undergoing. The board of directors of the company has authorized a budget cut of almost $4 billion, which means the layoff of 13,000 workers.
The largest part of the workers affected by this measure reached the age of retirement while others has requested their anticipate retirement. “Yes, there are layoffs, but they are fewer”, sources of the company said.
With these new cuts, 26,000 Pemex workers will leave the company between 2015 and 2016. In fact, as the oil company informed the Mexican Stock Market, 10,109 workers had already been dismissed by the third quarter last year.
By September 30th, 2015 total Pemex workforce amounted to 142,976 workers. In 2013, the amount was 155,106 workers.
The Mexican state-owned oil company has been adopting these measures, among others, to adapt to the new situation in the Mexican market, where a hydrocarbon market opening has been carried out. Indeed, the company has been reorganized to begin to operate in a free competition environment.
The budget cut will mainly affect upstream activities. As a matter of fact, the company recently announced a $23 billion investment in downstream operations in order to improve refineries and processes of fuels which generate losses. Post by: Jorge Neri Bonilla