Pemex's Perennial Problems

February 2008 | Economic Analysis

BMI View: With Pemex , Mexico's state oil monopoly, posting a loss of US$1.5bn in 2007, the case for liberalising the country's oil and gas sector becomes even stronger. In the more immediate term, a re-assessment of the company's management structure and the government's use of the company as a cash cow for funding fiscal revenues may be a necessary precursor to opening up Mexico's hydrocarbons if Pemex is to compete.

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