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August 13, 2013

Mexican President Proposes Opening Oil Industry to Private Firms 
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Mexico's president has proposed a historic shift in the country's
state-run oil industry, potentially paving the way for foreign
multinationals to gain a share of the profits from Mexico's oil. In an
address Monday, President Enrique Peña Nieto proposed letting private
firms enter profit-sharing contracts with Mexico to drill for oil and
gas. The shift would require changes to Mexico's Constitution. But Peña
Nieto insisted it would not amount to privatization.

Mexican President Enrique Peña Nieto: "With this reform, Mexican
Petroleum and the Federal Electrical Confederation (CFE) as companies
are 100 percent the property of the nation. Pemex and the CFE, and I say
this categorically, are not for sale nor up for privatization. This
reform looks for a strengthening and modernization to once again allow
them to become leading companies and fulfill their mission to benefit
society."

 

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