By Ana Isabel Martinez / Reuters
Mexico’s Grupo Bal, the owner of the world’s largest silver producer, has launched an oil company to take advantage of the landmark opening of Mexico’s energy sector to private investment, a company spokesman said.
The company, to be called Petrobal, will be led by Carlos Morales, who resigned last year as head of exploration and production at state-run oil company Pemex.
Alberto Bailleres, one of Mexico’s richest men, owns Grupo Bal, which controls Fresnillo, the world’s largest primary silver producer. Grupo Bal also owns base metals operation Penoles, a pension fund and the Palacio de Hierro department store chain.