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The Push to Privatize PEMEX -- In These Times

The Push to Privatize PEMEX -- In These Times: "Halliburton is licking its chops at the prospect of Mexico’s state-owned Petróleos Mexicanos going private.

Petróleos Mexicanos, or PEMEX, withstood a tsunami of privatizations of formerly state-owned companies in the late 1980s and ’90s. But now, with pro-business President Felipe Calderón in office, the effort is being revisited — and the Mexican left is coming out en masse to defend the 70-year-old company, a long-time source of national pride and a symbol of Mexican sovereignty.

On April 8, Calderón, who served as energy secretary under former President Vicente Fox, proposed a reform package that calls for forging “strategic alliances” with private oil companies and opening 37 of PEMEX’s 41 divisions to private subcontractors. Although Calderón carefully specified that the reforms would not amount to privatization, many in Mexico are not convinced. The Mexican Constitution forbids private drillers from reaping profits from oil discoveries under Mexican soil."

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