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Latino Daily News

Thursday May 12, 2011

Mexican Pres. Calderon Confirms that Country Has No Plan to Make Pemex Oil Public

Mexican Pres. Calderon Confirms that Country Has No Plan to Make Pemex Oil Public

Photo: Calderon says Pemex will not go public

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Tuesday, the President of Mexico, Felipe Calderon clarified that rumors of the government-owned Petroleos Mexicanos (Pemex) going public are not true, but he does have plans for a second attempt at oil reform before his term ends in 2012.

Calderon stated that while there are no plans to sell shares of the Pemex, he is looking to make the company more like Norway’s Statoil, and Brazil’s Petrobras.

“(Reform) would depend on Congress and the political environment but I would like to do it before the end of my administration,” he said.

Bloomberg had reported Calderon inferred that Pemex would be listed on the stock market and sell shares, but provided no quotes from the Mexican president, leading many to speculate if that was really his plan.

Reuters wrote:

Mexico’s Congress passed a watered-down reform of Calderon’s first Pemex reform proposal in late 2008 that liberalized how the company buys goods and services.

Pemex plans to use the new contracting rules to hire international oil companies to operate some fields on its behalf in return for a fee.

Any move to make Pemex more like a private company would likely threaten tens of thousands of jobs at a time when Mexico’s electoral calendar is quickly moving towards the presidential elections in 2012.