MEXICO ENERGY: Oil’s new era
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
It is no hyperbole to say Mexico’s energy
reform is radical for...
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