Pemex at crossroads, 75 years after foundation

Gracias, Lazaro Cardenas!

The Tequila Files

On Tuesday, March 18, Mexico marked the 75th anniversary of the nationalization of its petroleum industry – possibly the last time this will be done with any degree of pomp and ceremony.

Once considered a hugely significant date studied in classrooms up and down the country, few Mexicans would even have remembered it this year, were it not for the ongoing debate over the future of state oil monopoly Pemex.

President Enrique Peña Nieto has vowed to modernize Pemex by permitting greater foreign investment,  in order to tap into the nation’s considerable oil reserves.   However, he is adamant this does not equate to the privatization or sale of the company, as many of his detractors are warning.

“If Pemex is not modernized and current production and consumption trends continue, by 2020 Mexico could become a country with a structural energy deficiency, hence the need to implement reforms to prevent this…

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