Mexico's new president appoints an energy expert to lead Pemex

On Monday, Mexico's new president nominated Victor Rodriguez as the next executive director of the heavily indebted oil company Pemex. This was one of the last nominations to the politically and financially volatile energy sector.

At a press event, Rodriguez stated that working with the Finance Ministry would be crucial in stabilizing his company, the most indebted of all oil companies in the world. He also stressed the importance of producing less polluting fuels.

The cabinet of President-elect Claudia Sheinbaum who assumes office in October has been announced. It is a mixture of new faces and holdovers from her mentor's administration.

Rodriguez, who is a physicist, energy economist, and has long-standing connections with Sheinbaum, doesn't have any experience in the oil business.

In 2009, he and Sheinbaum co-authored an article that focused on the development of Mexican energy policies. The paper warned at the time about a growing gap between sustainability goals and Mexican energy policies.

Rodriguez was a professor at the National Autonomous University of Mexico, where he most recently directed energy system studies.

Pemex is the largest state-owned company in Mexico and has been a major contributor of funds to the state for many decades. It's not unusual for Mexican presidents preferring close confidants to oil and gas industry professionals to be the CEO. (Reporting and editing by Kylie Madry; Additional reporting by Ana Isabel Martinez; Adrianna Barera; Sarah Morland)

(source: Reuters)