Norway’s Pension Fund Completes PEMEX Divestment Process

PEMEX clarified that the recent announcement from Norway’s Government Pension Fund Global regarding its divestment from the NOC reflects the conclusion of a process that began in 2014, not a new decision based on current developments.

According to PEMEX, the Norwegian fund finalized the sale of its remaining investments, which represented less than 7% of its historical maximum exposure to PEMEX. In 2014, the fund held approximately US$600 million in PEMEX-related assets. By the end of 2024, that figure had declined to US$40 million.

The fund’s divestment was originally initiated in response to multiple concerns, including allegations of corruption within PEMEX during a previous administration. The fund had also gradually reduced its exposure over the years due to PEMEX’s declining credit rating and shifts in ESG investment criteria.

PEMEX noted that the fund’s investment in the company had fluctuated significantly over time. Between 2007 and 2010, it had no exposure to PEMEX at all. Over the past five years, prior to the fund’s final assessment, investments had not exceeded US$150 million.

While the Norwegian fund’s ethics council acknowledged that PEMEX currently maintains an anti-corruption framework aligned with international standards, featuring risk assessments, an anonymous reporting service, third-party due diligence processes, and cooperation with authorities, it cited a lack of specific information about alleged corruption in 2017 as a reason for upholding its exclusion recommendation.

PEMEX stated that it responded to all information requests from the fund in a timely manner, but the fund’s ethics council maintained its decision to withdraw its investments.

The company emphasized that it is currently implementing a comprehensive financial strategy in coordination with Mexico’s Ministry of Energy and the Ministry of Finance and Public Credit. This strategy aims to strengthen PEMEX’s financial position, support business lines in executing key projects, and reinforce its reliability as a commercial partner.