It has taken a long time for Mexico to open its oil industry. Time in which Latin America’s two other big oil producers, Venezuela and Brazil,ushered in foreign investment while retaining strong control through their respective state-run oil companies,PdV and Petrobras.But Mexico this week signed its historic energy reforms into law,and Pemex now has an opportunity to draw from the lessons of its peers.If it can forge a leaner,more competitive model,it could raise the standard for Latin America’s state-run oil companies.
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