How Pemex 'destroyed' $1 billion with erratic business choices [Reuters]
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Source: Reuters
How Pemex 'destroyed' $1 billion with erratic business choices | Reuters 5 Min Read MEXICO CITY (Reuters) - Mexico’s state-oil company Pemex burned through $665 million at its fertilizer unit, ignored consultants and made high-risk investments with no discernible business strategy, according to a devastating government audit of its 2017 operations. The report, published late on Wednesday, offers insight into how Pemex ended up creaking under $106 billion of debt during the six-year term of former President Enrique Pena Nieto. Mexico’s Federal Audit Office (ASF) used unusually frank language in its assessment of Pemex’s use of public resources, particularly with regard to the company’s fertilizer subsidiary and a failed power generation unit. The fertilizer company suffered net losses of $665 million in 2017, and its assets were worth $1.1 billion less over the course of the year. “It destroyed value,” read the assessment, the last of three reports by the audit office on the state of g
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