Academic Victor Rodriguez to Lead Pemex: New Era for Mexico's Oil Giant

Mexico's incoming president has appointed academic Victor Rodriguez as the new head of the heavily-indebted oil giant, Pemex. Rodriguez aims to stabilize the firm working closely with the finance ministry and produce less-polluting fuels. He succeeds with a background in energy economics, and longstanding ties to President-elect Claudia Sheinbaum.

Mexico's incoming president has chosen academic Victor Rodriguez to serve as the next top executive of the heavily-indebted oil giant Pemex, making one of the final senior appointments for the nation's politically sensitive energy sector.

At a press conference, Rodriguez emphasized that cooperation with the finance ministry would be crucial in stabilizing Pemex, the world's most indebted oil company. He also highlighted the importance of producing less-polluting fuels. President-elect Claudia Sheinbaum, set to take office in October, had previously announced nearly all of her cabinet ministers, a mix of new faces and hold-overs from the administration of her leftist mentor.

Rodriguez, a physicist and scholar in energy economics, lacks direct experience in the oil industry but enjoys longstanding ties with Sheinbaum. Notably, in 2009, they co-authored a paper on Mexican energy policies and sustainability. Most recently, Rodriguez led energy systems studies at Mexico's National Autonomous University. It is a common practice for Mexican presidents to opt for close confidantes rather than industry veterans as CEOs of Pemex, a major state revenue source for decades.

(With inputs from agencies.)