Victor Rodriguez Appointed Chief of Debt-Ridden Pemex Amid Energy Transition

Mexico's President-elect Claudia Sheinbaum has appointed Victor Rodriguez to head state-oil giant Pemex. Rodriguez, an academic with ties to Sheinbaum, will focus on stabilizing the company and advancing renewable energy. The move aligns with Sheinbaum's plans to give Pemex more power while emphasizing green projects.

In a significant move, Mexico's President-elect Claudia Sheinbaum has appointed Victor Rodriguez as the new head of the debt-ridden oil giant Pemex. Rodriguez, who is an academic and lacks direct experience in the oil industry, was tapped to stabilize the company and focus on producing cleaner fuels.

Rodriguez emphasized the importance of working with the finance ministry to stabilize Pemex, while also committing to a major effort in developing renewable energy sources. "We need to maintain the basis of energy needs and that is oil and gas, while we move forward with the energy transition," he stated.

This appointment comes as Sheinbaum, who takes office in October, has nearly completed her cabinet nominations. Known for her interest in green energy projects, Sheinbaum's choice of Rodriguez shows a commitment to making renewable energy a key focus of her administration. Pemex remains one of the world's most indebted oil companies, facing significant challenges, including a major crude oil production decline.

(With inputs from agencies.)