Wednesday, 06 February 2013 07:11

Joining the Oil and Gas Boom, Mexico?

Petróleos Mexicanos or Pemex is the Mexican state-owned petroleum company. The oil giant is Mexico’s largest company by sales and provides revenue that accounts for more than a third of Mexico’s budget. A deadly blast at Mexican state oil firm Pemex's headquarters is the first key test

of new President Pena Nieto's promise that his party has broken up with a past of shady cover-ups, and if handled properly, could help him overhaul the lumbering giant.

All of this is happening as Mexico’s overall economy is lately showing signs of more robust growth and competitiveness — the economy grew almost four percent in 2012, practically double the average annual growth rate of this century — and Nieto is working for more business-friendly and government-efficiency focused reforms. The country still has huge systemic problems, cartel-fueled violence and drug wars figuring prominently among them, but it looks like Mexico isn’t entirely without reasons for optimism.


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