June 28, 2019 / 10:01 PM / 4 months ago

Heavily indebted Pemex says will merge units to save money

MEXICO CITY, June 28 (Reuters) - The board of heavily indebted Mexican state oil company Pemex has unanimously approved a merger of four of its subsidiaries into two units, the company said in a statement on Friday.

The merger of subsidiaries Pemex Exploration and Production with PPS and Pemex Industrial Transformation with Etileno is effective from July 1, the statement said.

The merger aims to consolidate “austerity measures” with the goal of strengthening the company, the statement said.

The government of President Andres Manuel Lopez Obrador has repeatedly pledged to revive Petroleos Mexicanos, the formal name for Pemex. The world’s most indebted oil company, Pemex has seen oil output decline for 14 consecutive years. (Reporting by Sharay Angulo; editing by Delphine Schrank)

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