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Weekly Report - 1 March 2012 (WR-12-09)
MEXICO: Pemex’s financial problems exposed once again
Mexico’s state-owned oil company, Petróleos Mexicanos (Pemex), continues to face serious problems balancing its books. The company’s latest financial report once again revealed the extent of the problem it faces in fulfilling its tax obligations. The results lend support to the calls made by prominent presidential candidates that in order for Pemex to prosper and continue being one of Mexico’s economic driving forces it must be reformed. However, so far proposed reforms fail to address Pemex’s primary financial problem - that it is expected to provide a huge portion of the government’s revenues. Indeed, reforming the company, and the way that it operates, is only a partial solution; the government must also change its relationship with Pemex to allow it to thrive.
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