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LatinNews Daily - 28 July 2017

In brief: Mexico

* Mexico’s state-owned oil firm, Pemex, has reported that it has posted net profits of M$121bn (US$6.7bn) in the first quarter. This is the third consecutive quarter in which Pemex has reported net positive financial results since 2006 and suggests that the firm has turned a financial corner following its recent restructuring and the implementation of the 2013-2014 energy sector reform, which opened up Mexico’s oil sector to increase private sector participation and allows Pemex to form more partnerships with private firms. According to a Pemex statement, the positive first quarter financial result was due to lower logistical cots, the recovery of crude oil prices in international markets, the arrest in the depreciation of the Mexican peso against the US dollar, and the liberalisation of petrol prices in the domestic market - another aspect of the energy reform.  

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