Mexico: Reforms May Open Up Petroleum Industry

Law360, New York (July 24, 2008, 12:00 AM EDT) -- On April 8, 2008, Mexican President Felipe Calderón submitted to the Mexican Congress a package of bills designed to strengthen the state-owned oil company, Petróleos Mexicanos ("Pemex"), and address the country's declining oil reserves.

These reforms are aimed at increasing oil production — the revenues from which account for nearly 40% of the Mexican national budget — through private and foreign participation in oil exploration, drilling, exploitation and refining, among other initiatives.

The proposed rules also offer Pemex greater technical, financial and organizational autonomy.

This liberalization...
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