| PLAYA DEL CARMEN
PLAYA DEL CARMEN May 19 Mexico's Energy
Minister said on Monday that incentives for Pemex to keep its
stake in Repsol are low, adding to suggestions the state oil
company could pull its 2.3 billion euro ($3.16 billion)
investment from the Spanish firm.
Pemex, Repsol's third-biggest stakeholder, has had
an increasingly troubled relationship with the Spanish oil
major, over how Repsol handled the loss of a unit in
Argentina and the degree of influence it has allowed its Mexican
Finance Minister Luis Videgaray, who is part of Pemex's
board, said earlier this month that selling the stake would not
be a bad idea, if funds were used for investment in Mexico.
Energy Minister Pedro Joaquin Coldwell on Monday echoed
Videgaray's comments at a renewable energy forum in Playa del
Carmen, but emphasized the state oil company's director would
make the final call.
"It is a decision that rests with management. It hasn't
reached the board yet, but I must say that the incentives for
Pemex to continue in Repsol are very low," said Coldwell, who is
also executive chairman of Pemex's board.
Pemex had a 9.19 percent stake in Repsol at the end of 2013,
according to documents provided to the U.S. Securities and
($1 = 0.7289 Euros)
(Writing by Alexandra Alper; Editing by Lisa Shumaker)