Sheinbaum: Pemex CEO Rodriguez to leave

Claudia Sheinbaum, the Mexican President, announced on Thursday that Pemex's CEO Victor Rodriguez will be stepping down. She said that she is nominating?Juan Carlos Carpio to replace him. On Wednesday, it was reported that Rodriguez's fate is uncertain due to his struggle to turn around Mexico’s embattled oil company.

Sheinbaum announced the news in a video with?Rodriguez and Carpio. Energy Secretary Luz E. Gonzalez was also present. The first 18 months of Rodriguez's Pemex tenure were marked by worsening divisions within the company, a major oil spill and a fatal refinery accident. The company's production is only 1.6 million barrels per day, short of its 1.8 million bpd target. It has also been unable to capitalize on the rise in oil prices that resulted from the Iran War.

Sheinbaum stated that Rodriguez accepted the position on condition he would only serve for a year-and-a-half in the role, which she is now honoring.

She said: "I'm very grateful and happy to Victor, and I know Juan Carlos will do an excellent job."

Sources had previously stated that Sheinbaum was increasingly sidelining Rodriguez, and that the president was increasingly involved in the operations of the oil giant to get it on a firmer foundation. According to two sources, the 69-year old former academic resigned twice last year but Sheinbaum persuaded each time.

(source: Reuters)