On September 4, 2015, the bylaws of certain PEMEX subsidiaries were published in the Federal Official Gazette, namely: (i) Pemex Etileno; (ii) Pemex Perforación y Servicios, and (iii) Pemex Fertilizantes.
The bylaws contain rules for the activities and operation of the three new subsidiaries, as provided in the respective transitory articles of the executive orders that created them, as published in the Federal Official Gazette on April 28, 2015.
Pemex Etileno corporate purposes provide that it will be engaged in: (i) the production, distribution and marketing of methanol, ethanol and propylene derivatives, and (ii) the purchase and trading in domestic and foreign markets of certificates covering greenhouse gas emission rights.
Pemex Fertilizantes will be engaged, among other things, in the production, distribution and marketing of ammonia, fertilizers and derivatives.
Pemex Perforación y Servicios will be engaged mainly in drilling, competing and repairing oil wells, and also providing well services.
Except for Pemex Perforacion y Servicios, that will have two deputy CEO offices and seven manager offices, the other two subsidiaries will only have manager offices.
It is expected that human, technical and physical resources necessary for the operation of these companies will be transferred from various PEMEX areas or its former subsidiaries, which were responsible for similar activities.
Out of the seven PEMEX subsidiaries, only the bylaws of Pemex Transformación Industrial and Pemex Logística are yet to be published, since those related to Pemex Exploración y Producción and Pemex Cogeneración y Servicios were published on July 3, 2015.
The lawyers of the energy, mining and infrastructure area of our firm will be available for any question or comment you may have on the above.
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