Tag Archives: pemex

Mexico’s oil plans

Mexican President Felipe Calderon has called on the country’s Congress to approve an energy reform bill to overhaul state oil giant Pemex.

Mr. Calderon said the plan would give Pemex more freedom to manage its budget and contract out work, so boosting both oil production and exploration. Mexico’s known oil reserves are running out and production has been falling.

Mr. Calderon stressed the bill would not privatize Pemex, a national symbol that has been in state hands since 1938. “To strengthen Pemex is to strengthen Mexico,” President Calderon said. “We must act now, because time and oil is running out.” Oil revenues constitute some 40% of federal income, but production has been falling.

So for a country that has oil and thinking to expand plans why there are so many poor? Perhaps before they start making oil plans they should do something with corruption plans!

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