President Peña Nieto proposes energy reform
The press release of President Enrique Peña Nieto´s staff, detailing the five main points of his reform proposal:
On the subject of oil and other hydrocarbons, the Energy Reform contains five fundamental points:
– It reiterates, word for word, the text of Article 27 of the Constitution at the time of President Lázaro Cárdenas. This will allow the Government, when in the national interest, to enter into shared profit contracts with the private sector; this will allow for the production of cheaper electricity for Mexican families. These shared profit contracts ensure the country remains the sole owner of the oil reserves, of oil revenues and of that great company, Petróleos Mexicanos.
-There would be a new tax system for Petróleos Mexicanos. The State will act as owner of the oil wealth with a long-term vision rather than as a collection agent with short-term needs.
-PEMEX restructured. Global challenges demand the reorganization of two of its divisions: the first, Exploration and Production and Industrial Transformation.
-Improve transparency and accountability at Petróleos Mexicanos in terms of its operations, its acquisitions and the shared profit contracts with private parties.
-Mexicans will also have proper access to the information related to the administration and the state of the Nation’s energy patrimony.”
-The establishment of national content rules in PEMEX’s infrastructure purchases and projects. The objective is to use the energy sector’s high purchasing power to leverage the development of Mexico’s new industrial policy.
-Written by Presidency Staff, The President’s Editorial Staff
