Spotlight on: Mexico/President Fox's Victory in Face-Off with Labor Union May Hold Promise for Overseas Investment in Oil Giant Pemex

摘要

Mexico's state-run oil company Pemex is not only he world's sixth-biggest oil producer and currently the largest supplier of foreign oil to the United States. Its money runs Mexico. This cash cow is taxes at an effective rate of 100 per cent, leaving almost nothing to explore and exploit new oil and natural gas wells. Pemex's director, Raul Munoz Leos, has said, plausibly, that this state of affairs cannot continue if the country is not to be forced to import crude within a very few years. And Mexico's president Vicente Fox concurs. Mr. Fox wants to facilitate change in the system by opening some energy exploration to foreign investment.