Pemex Announces 3000 Job Cuts in Restructuring Effort ...Middle East

Mexico’s Pemex plans to cut 3,000 jobs as part of a restructuring move aimed at reducing its expenses, Bloomberg has reported, citing a company document. The restructuring should lead to savings to the tune of $540 million, the document showed, by transferring over $300 million from Pemex’s personnel budget to its exploration and production department and help increase oil and gas output. The drive will also result in a more simplified corporate structure with the closure of three sub-directorates and nine management areas to streamline…

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