PETROBAL, PRIVATE FIRST OIL COMPANY OF MEXICO

Bal group company that owns Palacio de Hierro and Peñoles Mining announced the creation of the first private oil company of Mexico: Petro Bal.

According to El País, Carlos Morales Gil, former president of Pemex Exploration and Production, the directive will head the new company by the second richest man in the country, Alberto Baillères created.

The Mexican group has four main divisions: agricultural, commercial, industrial and financial, all operating in Mexico, other Latin American countries and the United States. Bal group even has a division responsible for developing energy projects electricity self-sufficiency for its mining projects and its subsidiary Fresnillo, Zacatecas.

PetroBal Private Oil Company

According to Luis Miguel Labardini, expert consultant on the subject, most private oil companies will come along this year because several Mexican companies have expressed interest in entering this sector. These include: Grupo Carso, Grupo Alfa and Cemex, which even seek alliances with other Mexican companies, Labardini explained to CNN Expansion.

Despite the instability of oil prices, Mexican companies would be willing to invest, because according to experts this is the best time to support a project in this sector and in a few years, when prices stabilize these companies they can reap the full benefits offered by the market.