The moves have built momentum
behind what could be his most dramatic and difficult reform –
modernizing and drawing foreign and private capital to the behemoth
state oil company, a long sacrosanct but increasingly inefficient pillar
of the Mexican economy. On Sunday, at a celebration of the 75th
anniversary of the nationalization of the Mexican oil business, Pena
Nieto said again that he will transform Petroleos Mexicanos. The
longtime head of the Pemex union, who had been expected by many to fight
any changes but has been the subject of questions about unexplained
family wealth, pledged his support.
Pena Nieto says his plan will make Mexico more democratic and competitive in the world economy, and his drive for reform is fueling international confidence about Mexico. Rating company Standard and Poor’s raised the country’s long-term sovereign credit rating from “stable” to “positive” last week, citing optimism about the government’s ability to carry out structural changes. The Mexican peso is stronger against the dollar than it’s been in a year and a half.”
Many, including myself, are skeptical, as Pemex has been fossilized (all puns intended) into its current form for decades. Just two days ago, Enrique Peña Nieto himself asserted:
“Pemex will not be sold nor
privatized; Pemex must be transformed,” Mr. Pena Nieto said to the
applause of unionized oil workers present at the ceremony at a Pemex
refinery in central Mexico.”
While Pemex’s crude-oil production has fallen to about 2.55 million
barrels a day in 2012 from around 3.4 million barrels in 2004, the
country has proven reserves of oil and gas totaling 13.87 billion
barrels of crude-oil equivalent.Adam Thomson asks, Pemex turnaround: can it be done? The problems are huge:
- Four divisions, with only one turning a profit, operating as separate companies; 1
- 70,000 employees, huge pension liabilities and crippling union contracts;
- $2billion in losses in the refining division.
For now, however, privatization has been ruled out.
No hay comentarios.:
Publicar un comentario