Mexican Oil in Hands of Transnational Corporations
Mexico, Mar 20 (Prensa Latina) Petroleos Mexicanos (PEMEX) is holding today the nationalization of the sector with contracts in crude oil and gas production and losses estimated at 256 billion pesos (more than $13 billion USD).
According to a specialists' report, PEMEX's prestige and functionality declined steadily in recent years with the recent approval of the energy reform by the government.
The document states that the industry, considered one of the pillars of Mexico's development and the world's third largest company in 2004, ranked eighth in 2015 without safe growth prospects.
The current government administration is committed to growth through partnerships with transnational corporations such as British Petroleum, Anglo-Dutch Shell and American Chevron and ExxonMobil.
These were the same ones the national crude exploited until the expropriation decree signed by President Lazaro Cardenas in 1938. They now returned to the country with the energy reform by President, Enrique Peña Nieto, in 2013.
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