Pemex Petroquimica Completes Merger of Business Units
The Pemex Petroquimica (PPQ) subsidiary of Mexico's state oil company Pemex has completed the merger of its seven units, the energy department said in a statement.
The move will make PPQ more competitive and productive, the statement said.
PPQ absorbed the units - Camargo, Cangrejera, Cosoleacaque, Escolín, Morelos, Pajaritos and Tula - and from May 1 has operated as a consolidated company.
The merger will eliminate the repetition of processes between the different units, increase purchasing and information efficiencies and improve production processes, hydrocarbons director Hector Moreira said in the statement.
PPQ will now reduce annual losses gradually until starting to turn a profit, he added.
Pemex Petroquimica was split up in 1997 with the intention of then capitalizing the units, but this never happened.
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