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Mexico's Pemex to announce job cuts in 2016

The company is nearing $100 billion in debt and recently posted a record loss of about $10.2 billion in the third quarter

Baku. 24 December. REPORT.AZ/ Petroleos Mexicanos hopes to start 2016 with a plan to become leaner and more efficient, Report informs referring to the foreign media.

The state-owned oil producer is set to announce job cuts for next year as part of the plan to restructure the company and to synchronize itself to industry standards, interim Chief Financial Officer Rodolfo Campos said in a phone interview Wednesday.

Mexico is opening its energy industry to foreign companies for the first time in decades to help stem a persistent decline in production at a time when falling prices are already reducing income. Oil output at Pemex in 2015 will drop to the lowest in 25 years as a series of accidents and budget cuts curbed supply. The company is nearing $100 billion in debt and recently posted a record loss of about $10.2 billion in the third quarter.

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