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PAN giving up on PEMEX privatization?

15 July 2008

It certainly sounds that way:

The national PAN leader, Germán Martínez, accepted the proposal presented by the PRD temporary president Guadalupe Acosta Naranjo, to sit down and discuss the possibility of a new energy reform packet. Acosta Naranjo stated a couple of days ago that President Calderon´s proposal will simply not pass, therefore the PAN, PRI and the PRD need to sit down and hash out a new proposal. German Martinez said that his party would not participate in any dialogue that is an excuse to postpone the passing of an energy reform bill.

In other words, PAN is still posturing, but is accepting the inevitable, and has not been able to convince enough PRI deputies to buy off on their original re-financing plan, and will have to incorporate large parts of the original PRD suggestions (mostly reforms that undo the changes in PEMEX’s restructuring under Carlos Salinas, which spun off subsidiaries within PEMEX and started bleeding out the companies operaing and exploration funds).

One Comment leave one →
  1. 15 July 2008 7:26 pm

    It seems today, from the bit of reading I have done, that the biggest problem with PEMEX is that they are selling oil at current rates, which is great, but that they have not been great at setting up refineries for gasoline. So what is happening is that the huge profits from oil sales, much of it to the USA, has been used to then pay US corporations to then refine the oil into gasoline, and then send it back to Mexico. Between this expense, and then the subsidizing of the price of gasoline sales to the Mexican people thru PEMEX gas stations, all the profit has gone out of PEMEX, and they are only breaking even. The profits are going about equally to the US corporations, and to the Mexican public via reduced gasoline prices.

    Both these are bad things. The sucking off of the profits to the US refineries takes money away from Mexican people. Also, the subsidizing of Mexican gasoline prices encourages excessive consumption and waste. Therefore I pronounce PEMEX as one of the very worst managed comanies in the world.

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