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Jose Garcia Costas (center), CEO of Hijos de J. Barreras, a shipyard in the northwestern Spanish region of Galicia. EFE/File
Vigo, Spain, May 2 (EFE).- The deal that gives state-owned oil giant Petroleos Mexicanos, or Pemex, a majority stake in Hijos de J. Barreras, a shipyard in the northwestern Spanish region of Galicia, will not lead to management or staffing changes, the shipbuilder’s CEO, Jose Garcia Costas, told reporters Thursday.
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.
Garcia Costas owns two of the companies with interests in the shipyard – Baliño and Emenasa – and Ignacio Lachaga owns Albacora, the third shareholder.
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.
The Galician regional government’s president, Alberto Nuñez Feijoo, said April 15 that the idea of Pemex taking an equity interest in a Galician shipyard was proposed at a meeting with Pemex and Mexican government officials in Mexico City.
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.
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