Pemex flex

21 September 2012 By Raul Gallegos

President-elect Enrique Peña Nieto is eyeing Latin American lessons for revamping downtrodden state-owned Pemex. Mexican law bars private investment in oil, but related businesses are less constrained. Cutting taxes on Pemex is another option. Reform may have to start small.

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Mexico’s President-elect Enrique Peña Nieto told reporters in Sao Paulo on Sept. 19 that his government would heed the experience of Brazil’s oil giant Petrobras as it considers ways to open the sector to private investment “without privatizing hydrocarbons,” according to Spain’s EFE news agency.

The Mexican politician campaigned on a platform that promised to bring needed reforms to the Mexican oil industry. After visiting Guatemala, Colombia and Brazil, Peña Nieto has scheduled stops in Argentina, Chile and Peru. He is expected to take office in December.

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