March 09, 2008

Abstract: (Angus Reid Global Monitor) - Most people in Mexico would only accept opening the state-owned oil company to national investors, according to a poll by Reforma. 61 per cent of respondents think only Mexicans should be able to invest in Pemex if the company were to allow private funding.

(Angus Reid Global Monitor) - Most people in Mexico would only accept opening the state-owned oil company to national investors, according to a poll by Reforma. 61 per cent of respondents think only Mexicans should be able to invest in Pemex if the company were to allow private funding.

In the early 1920s, Mexico was the world’s second-largest oil producer. In 1938, after negotiations with foreign energy companies failed, Mexican president Lázaro Cárdenas effectively nationalized the Latin American country’s oil industry. Cárdenas established Mexico’s state-owned oil company Pemex, which to this day is the sole supplier of commercial fuels in the country.

Mexican voters chose their new president in July 2006. Official results placed Felipe Calderón of the National Action Party (PAN) as the winner with 36.68 per cent of all cast ballots. Calderón—a former energy secretary—took over as Mexico’s head of state in December.

On Mar. 6, PAN lawmakers said they have not reached consensus with members of other parties on a bill that would allow Pemex to join foreign investors in order to drill for oil in the Gulf of Mexico. The government believes Pemex needs to find outside help to undertake deep-water drilling because it lacks the technology and resources to do it on its own.

The opposition Democratic Revolution Party (PRD) opposes the bill, so the PAN depends on the support of the Institutional Revolutionary Party (PRI). PAN senator Rubén Camarillo, a secretary of the energy committee, declared that the party will continue to fight for the bill, saying, "If we don’t arrive at a consensus then each parliamentary group would be free to make a proposal that suits it."

Polling Data

If private investment were allowed in Pemex, should it be exclusive to Mexican investors or open to foreign investors?

Exclusive to Mexican investors	61%
Also open to foreign investors	25%
Neither, no private investment should be allowed	5%
Not sure	10%

Source: Reforma
Methodology: Face-to-face interviews with 1,515 Mexican adults, conducted from Feb. 16 to Feb. 18, 2008. Margin of error is 2.5 per cent.