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Bloomberg
Petroleos Mexicanos replaced the head of its trading arm PMI with Ulises Hernandez, formerly an executive of Pemex Exploration and Production, after a mass exodus by former management.
Hernandez, previously the head of resources, reserves and partnerships at Pemex, will replace Raul Enrique Galicia, according to a statement. PMI’s crude trading division will also have new management, as Armando Mejia Sanchez replaces Victor Briones as head of crude trading.
The appointments come after Briones, along with vice president of crude trading Carlos Islas and vice president of crude analysis Alfonso Mendoza left Pemex, according to people familiar with the matter. The exodus was sparked by a disagreement within the company over an external review of new formulas created to price oil sales to refiners in the US and elsewhere, reports said.