Mexico's state oil company Pemex plans to present a new growth strategy by mid-year, company CEO Juan José Suárez told a webcast. The plan has yet to be approved by the company's board but will include a calendar for various initiatives to take effect. The main results of the strategy are expected to be seen in "the medium term," Suárez said. "It is very clear to us that we need to produce results fast for the transformation that we need in the company to happen," he added.

He specifically pointed out that the company needs to increase production and operational efficiency. Suárez said the plan will incorporate the new flexible contracting methods included in the 2008 energy reform.

"We expect in the short term to be able to start contracting with this new framework," Suárez said.

The reform legalized incentive-based contracts, which are currently being evaluated by the supreme court following a constitutional challenge presented by the congressional lower house.

* This news was published by Business News Americas (www.bnamericas.com). Wednesday, march 3, 2010.