Pemex Opening To Foreign Investment Will Pave The Way To Mexico’s Deepwater Oil Fields
Oil has been Mexico’s ticket to development for almost a century. And since the nationalization of Petróleos Mexicanos (Pemex) in 1937 — which Tuesday celebrated its 76 anniversary — it has been a source of pride and a fiercely defended symbol of Mexican independence.However, the golden-egg hen that Mexican oil once was is dying out. Pemex, still the seventh-largest oil company in the world and source of 8 percent of Mexico’s GDP, has been fighting trouble for some time now. With a total debt of $61 billion, or $100 billion when labor liabilities are factored in, Pemex might be...
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