Pemex reform seems to be ‘priority’ of Mexican govt - CEO

20 March 2013 19:58  [Source: ICIS news]

HOUSTON (ICIS)--Mexico's new government seems very motivated to reform the country’s oil industry and its state-run oil company Pemex, the CEO of Grupo IDESA said on Wednesday.

“It looks like it’s a very important priority for this government to pass an energy reform that allows private investment to work with Pemex to speed up the process of developing conventional and unconventional oil,” said Jose Luis Uriegas during a panel discussion at the IHS World Petrochemical Conference.

Mexico’s new president, Enrique Pena Nieto, has made it clear that he would like to transform the country’s oil business, which has been beset by corruption charges and declining production.

Nieto’s message has been met with approval from many sectors, with even the longtime head of the Pemex union, even recently pledging his support.

“It looks like this government [is] capable to work with the other political forces so that it will pass a reform that will allow Pemex to not be by itself as it has been in the past,” he said.

If reform comes to Pemex, then the floodgates of private investment money could flow into the Mexican oil industry.

“There’s a chance, and if they succeed, I believe there are companies speaking here who would like to come to Mexico,” Uriegas said.

Grupo IDESA, headquartered in Mexico City, is a major producer of petrochemicals and logistics systems for Mexico and Latin America.

The IHS World Petrochemical Conference continues through Thursday.

By: Jeremy Pafford
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