What is the meaning of PEMEX? Concept, Definition of PEMEX

Definition of Pemex

1 Meaning of Pemex

PEMEX is the State-owned company responsible for administering the exploration, exploitation and sales of oil, being the largest company in Mexico. It was the largest Latin American company until the middle of 2009. PEMEX has over 106,000 million sales per year, a figure even higher than the GDP of some of the countries of Latin America.
Its seat of Administration is located in the Marina national Avenue #329, Colonia Petroleos Mexicanos, Delegación Miguel Hidalgo in the city of Mexico, where concentrated all their administrative areas in the so-called Pemex Executive Tower and adjacent buildings housing their computer systems.
PEMEX has its origins in 1919, Shell took control of the Mexican Eagle Petroleum Company and in 1921 formed Shell-Mex Limited, which traded products under the brands "Shell" and "Eagle" in the United Kingdom. In 1931, partially in response to the difficult economic conditions of the times, Shell-Mex merged its market operations in the United Kingdom with British Petroleum and created the Shell-Mex and BP Ltd, a company which ran until the brands separated in 1975.
In 1935, oil companies operating in Mexican territory (which then were in the hands of foreign capital) they refused and tried to prevent the establishment of trade unions of oil workers. However, despite the efforts of these companies managed to create the unique Union of oil workers, the Union began a strike to improve working conditions and increase the wages of workers. That same year the then President of Mexico Lazaro Cardenas stepped in to mediate the situation.
Since the problem between workers and companies are not solved, and this greatly affected the economy of the whole country in 1938 Lazaro Cardenas joined calls for workers and demanded an increase in wages and an improvement in social services workers. Unfortunately the British and American companies refused this and foreign investors threatened to leave the country carrying all your capital.
1937: After a series of events that deteriorated the relationship between workers and companies bursts a strike against foreign oil companies which paralyzes the country. The conciliation and arbitration board rules in favor of the workers, but the companies promote an appeal before the Supreme Court of Justice of the nation.
1938: Denying the amparo, the Supreme Court ratifies the award issued by the Federal Council for conciliation and arbitration in favour of the workers. After the refusal of those to meet the judicial mandate, the afternoon of March 18, the President Lázaro Cárdenas del Río decreed the expropriation of the real and personal property of 17 oil companies in favor of the nation. On June 7 of that year was created Petroleos Mexicanos.

2. Definition of Pemex

PEMEX is the symbol that identifies a Petroleos Mexicanos, a company created in 1938 from the expropriation and nationalization of the assets of foreign oil companies operating in Mexico. That decision ran on behalf of President Lázaro Cárdenas del Río, following the outbreak of a conflict between the workers and the companies.
PEMEX is responsible for exploring the terrain and develop oil holdings when the reserves are found. The company, which is the largest of the Aztec nation and one of the most important in Latin America, also sells oil. Since the 1990s, the firm is divided into four main subsidiaries: PEMEX Petroquimica, PEMEX Gas Petroquimica Basica, PEMEX Refinacion and PEMEX exploration and production.
The company is directed by a Board of Directors that has representation of professional and Trade Union sectors. The headquarters of PEMEX operates in the PEMEX Executive Tower, the second building of greater height in the Federal District. This skyscraper was built in 1976 and was completed seven years later.
Note that this building was the scene of a tragedy on January 31, 2013, when an explosion killed 37 people and left more than 100 wounded.
Like any big company, PEMEX is subject to various controversial. While managers emphasize the donations and the support of the company to various social programs, many mentioned the damage on the environment that would result in the operation of the firm and also reported cases of corruption in its management.