abce certificate
Tuesday, 02 December, 2008, 22:10 GMT | more >>

Reform plan 'crucial' to Pemex's future


Wire services
Photo by Alfredo Estrella/AFP


The survival of Mexico's state-owned producer Pemex depends on President Felipe Calderon's planned energy reform bill becoming law, the oil monopoly's boss Jesus Reyes Heroles claimed.

Reyes Heroles warned that if the bill does not pass into law, the company will face inertia and stagnation.

The reform "is essential for Pemex to continue being a viable company", Reyes Heroles said in an interview at the World Economic Forum on Latin America, held in Cancun.

Reyes Heroles said that if the energy proposal is not approved, Pemex will miss a chance to receive the outside resources it needs for deep-water exploration.

"We have to make clear that for Pemex, this reform is a matter of survival," the Associated Press quoted him as saying.

He added that Calderon would not offer an alternative bill.

"There is no Plan B, because Plan A is a very sensible, conciliatory proposal."

The Pemex boss also claimed that the government consulted every major political party when it was drafting the reform proposal.

"Holding Pemex hostage to an oversimplified political dispute is a shame for the country and an injustice for the nation," he added.


Wednesday, 16 April, 2008, 10:15 GMT  | last updated: Wednesday, 16 April, 2008, 13:39 GMT

e-mail this article to a colleague


to email:  from:
comments: