PLAYA DEL CARMEN (Reuters) - Mexico’s Energy Minister said on Monday that incentives for Pemex to keep its stake in Repsol are low, adding to suggestions the state oil company could pull its 2.3 billion euro ($3.16 billion) investment from the Spanish firm.
Pemex PEMX.UL, Repsol’s third-biggest stakeholder, has had an increasingly troubled relationship with the Spanish oil major, over how Repsol (REP.MC) handled the loss of a unit in Argentina and the degree of influence it has allowed its Mexican partner.
Finance Minister Luis Videgaray, who is part of Pemex’s board, said earlier this month that selling the stake would not be a bad idea, if funds were used for investment in Mexico.
Energy Minister Pedro Joaquin Coldwell on Monday echoed Videgaray’s comments at a renewable energy forum in Playa del Carmen, but emphasized the state oil company’s director would make the final call.
“It is a decision that rests with management. It hasn’t reached the board yet, but I must say that the incentives for Pemex to continue in Repsol are very low,” said Coldwell, who is also executive chairman of Pemex’s board.
Pemex had a 9.19 percent stake in Repsol at the end of 2013, according to documents provided to the U.S. Securities and Exchange Commission.
Writing by Alexandra Alper; Editing by Lisa Shumaker