The executive said the confidentiality clause in the agreement prohibited him from providing further details about the letter of intent signed by Pemex with Barreras’s three shareholders.

Under the terms of deal, Pemex will acquire a 51 percent in the shipyard.

“I would love to start tomorrow, but it is impossible. The documents being prepared will be signed during the course of this month. I expect to start building immediately,” Garcia Costas said.

Garcia Costas will remain the company’s CEO for the next six years, “ensuring continuity” in management and the workforce, Barreras chairman Sergio Galvez told Efe.

Pemex may want to “bring its own people” into the management team, Galvez said, referring to the statement released by the Mexican energy company.

The Mexican state-owned company said the deal would “modify and strengthen” corporate governance, introducing “best practices at the international level.”

Galvez said he had no “reservations or fears” about Pemex’s role at Barreras, which has 112 employees.

Hijos de J. Barreras, which is based in the city of Vigo, received an order last year from Pemex to build a floating hotel, or flotel, for Pemex, a deal valued at $190 million.

Navantia, another shipyard, also inked a deal to build a flotel for Pemex for the same amount and with the same specifications.

Navantia is owned by Spanish state-owned holding company SEPI.

http://www.globalpost.com/dispatch/news/agencia-efe/130502/pemex-deal-will-not-bring-management-staffing-changes-at-spanish-sh

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Mostly distributed by North Korea’s official Korean Central News Agency, these undated photos reveal how the hermit kingdom wants the outside world to see it.

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