Pena Nieto denies privatization

Mexico's President Enrique Pena Nieto denied rumors that the state-owned oil company Pemex (Petroleos Mexicanos) will be privatized. Pena Nieto appeared at the 75th anniversary of the expropriation of the oil industry from foreign interests to unveil reserve estimates and also outline the company's future.

Enrique Pena Nieto - MexicoMexican President Enrique Pena Nieto (Image: PEMEX)

"Pemex must be transformed and modernized," Pena Nieto said. "It is and will continue to be the heritage of all Mexicans."

Pemex's proven reserves rose to 13.87 billion barrels of oil equivalent. Reserves are expected to last for the next 10 years. 3P estimates stand at 44.53 billion barrels of oil equivalent, which Pena Nieto said represents 30 years of production.

During his speech, Pena Nieto also advocated for a new organizational structure inside Pemex to improve decision-making and corporate governance.

"Pemex is the heritage of all Mexicans and should be administered with maximum efficiency, honesty, transparency and accountability," he said.

Above all, Pena Nieto said he wanted to see Pemex become synonymous with modernity, efficiency and productivity, as well as an example of innovation, industrial development and commitment to the environment.

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