Pemex Woes Trigger 2,000 Provider Job Cuts as Boom Turns to Bust
- Cotemar contracts cut as part of Pemex budget reductions
- Service company has no new contracts with Pemex this year
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Petroleos Mexicanos’ woes are hitting home for suppliers that less than two years back were preparing for an oil boom.
Cotemar, one of Mexico’s largest oil service providers, will lay off as many as 2,000 workers after Pemex suspended two of the company’s contracts amid massive budget reductions, according to a company official, asking not to be named because of company policy.