Pemex Responds to Norway’s Corruption Accusations
Pemex Responds to Norway Fund’s Divestment Over Corruption concerns
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MEXICO CITY (AP) — Petróleos Mexicanos (Pemex), the state-owned oil company, has issued a statement following the decision by Norway’s sovereign wealth fund to withdraw $1.8 billion in investments, citing alleged corruption.
Pemex clarified that the Norwegian fund’s divestment is linked to incidents dating back to 2014. The company stated that the fund had already begun reducing its exposure to Pemex several years ago.
In a statement released Sunday, Pemex acknowledged the complete withdrawal of investment by the Norway Sovereign Fund, the world’s largest sovereign wealth fund by asset volume. However, Pemex characterized this action as the culmination of a process initiated over a decade ago, rather than an isolated event.
Pemex indicated that the Norwegian fund initiated the reduction of its investments in 2014 due to “different reasons, including alleged acts of corruption within the company in that administration.”
Pemex Alleges Corruption under Previous Administration
Pemex directly alluded to the period when Emilio Lozoya Austin headed the company during the six-year term of President Enrique Peña Nieto.
pemex and Norway Fund Divestment: A Deep Dive into Corruption Concerns
Why Did the Norway Sovereign Fund Divest from Pemex?
The Norway Sovereign Fund, the world’s largest sovereign wealth fund, withdrew $1.8 billion in investments from Petróleos Mexicanos (Pemex). The fund cited alleged corruption as the primary reason for this divestment, as stated in the provided article.
The fund’s decision was linked to concerns about corruption dating back to the governance of former President Enrique Peña Nieto and the leadership of Emilio Lozoya Austin.
When Did the Divestment Process Begin?
While the complete withdrawal was recently acknowledged, Pemex stated that the Norway Sovereign Fund began reducing its exposure to Pemex “several years ago.” According to Pemex, the initial reduction of investments started in 2014.
What Corruption allegations Does Pemex Acknowledge?
Pemex indicated that the Norwegian fund’s decision was due to various “diffrent reasons, including alleged acts of corruption within the company in that management.” Pemex specifically referenced the period when Emilio Lozoya Austin was the CEO during the Enrique Peña Nieto administration.
Who is Emilio Lozoya Austin?
Emilio Lozoya Austin served as the CEO of Pemex during the administration of President Enrique Peña nieto. his tenure is directly linked to the corruption allegations cited by the norway Sovereign Fund as a reason for divestment.
Key Timeline of Events
Here’s a breakdown of when the events occurred, based on the provided article:
- 2014: Norway Sovereign Fund initiated the reduction of its investments in Pemex.
- Ongoing: The fund continued to reduce its exposure over several years.
- Recent: Pemex acknowledged the complete withdrawal of investment by the Norway Sovereign Fund.
Summary of the Pemex-Norway Fund Issues
Here’s a summarization of the key elements related to the situation, broken down as concisely as possible:
| Aspect | Details |
|---|---|
| Who | Norway Sovereign Fund & Pemex |
| What | Divestment of $1.8 Billion |
| Reason | Alleged Corruption |
| When | Divestment process began in 2014, complete withdrawal recently acknowledged |
| Key Figures | Emilio Lozoya Austin (Former CEO) & Enrique Peña Nieto (Former President) |