11/29 Closing prices / revised 11/30/2023  08:05 GMT 11/29    OPEC Basket    83.89 +0.49 | 11/29    Mezcla Mexicana de Exportación   Mexico Basket (MME)   $74.39  +1.37  | 10/31     Venezuela Basket (Merey)  $72.54  – 3.00  (Source: Economia Hoy)  | 11/29    NYMEX WTI Texas Intermediate January CLF24   $77.86 +1.45    | 11/29    ICE Brent January  BRNF24   $83.10   +1.42  | 11/29    NYMEX Gasoline December  RBZ23    $2.28   +2.4% | 11/29     NYMEX  Heating Oil  December HOZ23   $2.89  -0.6% | 11/29     Natural Gas January NGF24    $2.80 -1.2%  | 11/22    Active U.S. Rig Count (Oil & Gas)    622     +4    | 11/30     USD/MXN Mexican Peso  17.2702 (data live  | 11/30   EUR/USD    1.0954  (data live)  | 11/30    US/Bs. (Bolivar)   $35.49390000  ( data BCV)    |      

Mexico Presidential Nominee Xochitl Galvez Says She Won’t Privatize Pemex – Bloomberg

  • Xochitl Galvez said she wants to modernize the energy industry
  • President AMLO blasted her business-friendly proposals
Senator Xochitl GalvezPhotographer: Alicia Vera/Bloomberg
Senator Xochitl Galvez (Alicia Vera/Bloomberg)

Alex Vasquez, Bloomberg News

EnergiesNet.com 09 11 2023

Mexican opposition presidential candidate Xochitl Galvez said she doesn’t plan to privatize the state-owned oil company Petroleos Mexicanos, contradicting recent comments by President Andres Manuel Lopez Obrador.

Galvez said she also won’t privatize the utility Comision Federal de Electricidad. Her plan is to modernize both companies and protect the planet with the use of “cheap, clean and efficient energy.”

“Pemex isn’t going to be privatized, it’s going to be modernized, President. Stop lying,” Galvez said in a video posted on X, the platform previously known as Twitter. 

AMLO, as the Mexican president is known, said Galvez will privatize Pemex and blasted her business-friendly proposals for the energy sector. “I don’t believe in privatizing Pemex or the energy industry. That model of privatization was a synonym of corruption,” he said during a press conference on Friday.

Galvez told Bloomberg News in an interview Thursday that if elected, she would undertake a sweeping reform of Pemex, opening the energy sector to private investment and supercharging renewables. While she didn’t commit to privatizing the highly-indebted company, she said a model like Brazil’s Petrobras, which is publicly traded despite being government-controlled, could work for the Mexican producer.

Read More: Mexico Presidential Contender Wants Sweeping Energy Reforms

Galvez said Pemex can take advantage of the capacity of its engineers to obtain energy from natural resources such as white or green hydrogen, as well as implement carbon capture. AMLO’s administration has been characterized by a nationalist energy policy and preference for fossil fuel over cleaner energy. 

“Pemex doesn’t have enough resources and technology for exploration, they extract little oil and are losing millions in refining,” Galvez said. “Furthermore, they are not betting enough on petrochemicals.”

bloomberg.com 09 08 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top