MEXICO ENERGY: Oil’s new era

Mar 1, 2014

Mexico’s radical energy reforms will affect far more than oil and gas production. But much must be done before the benefits of a new Pemex are felt. By James Fredrick

Two developments this year have underscored more than anything else the significance and widespread approval of last December’s landmark energy reform in Mexico. The first came in January when national oil company Pemex issued its largest ever bond, selling $4 billion in dollar-denominated notes with demand four times the amount sold.

As Pemex chief financial officer Mario Beauregard tells Latin Finance: "The bond is clear evidence of the benefits investors are seeing in this reform, not only for Mexico but for Pemex as well."

The second came a month later when Mexico’s sovereign rating was upgraded in by Moody’s, largely in recognition of the reforms to its energy sector. The upgrade from Baa1 to A3 means that Mexico is the second country in Latin America behind Chile to achieve an A-level rating from Moody’s.

It is no hyperbole to say Mexico’s energy reform is radical for...

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