Mexico's Pemex approves post-reform corporate revamp
MEXICO CITY Nov 18 (Reuters) - Mexico's state-owned oil company Pemex said on Tuesday it had finalized a corporate restructuring including the creation of new business units that will focus on fertilizers and ethylene.
The company's board of directors voted to maintain its money-making exploration and production division while it consolidates poorer performers focused on natural gas, refining and petrochemicals into a single entity that will be known as Industrial Transformation, Pemex said in a statement.
The Mexican oil giant will also establish five businesses below the two overarching divisions that will launch next year and focus on drilling services, transport services including pipelines, electric cogeneration, fertilizers and ethylene.
Ethylene is a hydrocarbon that is the key building block for a wide range of plastics and industrial solvents.
In August, Pemex said it had begun the corporate restructuring but at the time said it would establish only three new business units, with no mention of units focused on fertilizers and ethylene.
Mexico, the world's tenth largest crude producer, is in the midst of the oil sector opening, ending a 75-year-old Pemex monopoly. The country also aims to reverse a decade-long slide in output. (Reporting by David Alire Garcia; Editing by Bernard Orr)
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