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Mexican state oil giant lent money to union interest-free

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(Globalpost/GlobalPost)

Mexico City, Feb 14 (EFE).- Mexican state-owned oil monopoly Petroleos Mexicanos made a 10-year, interest-free loan for 500 million pesos ($39.3 million) to the union representing its employees, Mexico City daily Reforma reported Thursday.

Pemex sources consulted by Efe declined to comment on the front-page story.

Reforma obtained a copy of the loan deal reached on July 26, 2011, by Pemex's board, then headed by Juan Jose Suarez Coppel, and the STRM union.

The agreement states that the loan, which was granted to the union on Dec. 8, 2011, is for "home contruction."

Reforma, however, said that as of Wednesday "the union had not reported any new homes project" and there was no sign that these residences were being built.

The agreement was signed by STRM chief Carlos Romero Deschamps and Pemex executives Ricardo Aldana and Manuel Limon.

Suarez Coppel, who headed Pemex during the 2006-2012 administration of President Felipe Calderon, was replaced in December by Emilio Lozoya Austin once Enrique Peña Nieto assumed the presidency.

Romero Deschamps took the helm of the powerful STRM in 1996 and has remained at his post despite numerous scandals, including "Pemexgate," which involved the illegal channeling of roughly $39 million in union funds to a political campaign.

http://www.globalpost.com/dispatch/taxonomy/term/35779/130226/mexican-state-oil-giant-lent-money-union-interest-free