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Less than meets the eye

12 October 2007

A heck of a lot more startling than the story about some psycho poet from Colonia Guerrero is the headline from “CNNMoney.com“:

Mexico’s Pemex Seeks New Cooperation Deals With Exxon, Total

All this cooperation deal involves is executive and technical TRAINING, though ” Industry observers say that foreign oil majors are keen to sign cooperation agreements as a way to market their technologies to Pemex, hoping Mexico will eventually open its oil industry to joint-venture projects.”

While I suppose Exxon might “brainwash” some execs, they’d be more likely to jump ship to one of the private companies (all smaller than Pemex — really! PEMEX is the world’s 15th largest oil company.  BP, the world’s largest private oil company is #17.  ExxonMobile is only #20), there’s no reason to think Pemex, or any of its subsidiaries are for sale.  If they were, I’d expect  Petrobras or the Petroleos de Venezuela would be more likely investors than ExxonMobile.

As it is, private oil and energy companies — Shell, BP, Repisol, aleardy provide contract services to PEMEX, so this sounds more like CNN’s usual wishful thinking than anything serious.

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