Petroleos Mexicanos is looking to strengthen its balance sheet with the sale of a stake in Repsol SA for about $3 billion as Mexico ’s state-owned producer prepares to form partnerships with foreign oil companies. Pemex, as the Mexico City-based company is known, is selling a 7.9 percent stake in Repsol, according to a Citigroup Inc. filing to the Spanish stock exchange yesterday. Citigroup and Deutsche Bank AG (DBK) are conducting the sale. The Mexican company is raising cash from the sale as lawmakers prepare regulations to open the oil industry to foreign investment for the first time since 1938. Pemex was “very disappointed” in Repsol’s performance, Chief Executive Officer Emilio Lozoya said in an Oct. 31 interview. “If Pemex is going to be restructured as a new company, it needs a nest egg of capital in its balance sheet,” George Baker, an energy consultant […]