Pemex, Mexico’s state oil firm with extensive offshore production interests, is in talks with several investment banks about how to find partners that could improve the performance of its refineries, according to Bloomberg.
Among the banks invited to make proposals are Goldman Sachs, Bank of America and French bank Credit Agricole.
Pemex CEO Jose Antonio Gonzalez Anaya said the process is in the early stages and he doesn’t expect to be starting the search for refinery partners until late this year or early next.
He did not specify which of the company’s terminals will be up for partnership.
The refineries lose about $5bn a year, a significant contributor towards Pemex’s overall debt of $93bn.
For the past three years, following government directives to reform the energy sector, Pemex has been shedding assets and shifting away from its seven-decade-old monopoly position in Mexico’s oil production industry.