Mexico’s Capital Connection

Mexico’s Capital Connection


For 36 years, Raúl Muñoz worked in relative obscurity at the Mexican division of a major U.S. chemical company, rising through the ranks to become president of the subsidiary. Then last January, Mexican President Vicente Fox plucked Muñoz out of Dupont Mexico, assigning him one of the toughest jobs in the country: to lead Pemex, the national oil company. Pemex is, of course, no ordinary company. It is one of the largest and most powerful organizations in Mexico, operated for decades as an arm of the ruling political party rather than as the oil giant that it is. Profits from Pemex provide the government with a third of its revenues. Yet the world's fifth-largest oil comp

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