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Catalina Rodriguez. Yes, let me download! Even the American oil producer Exxon, which had approximately five times Pemex's revenues in , had fewer employees. Much of the criticism, then, could be attributed to fear that more efficient, private companies would eliminate employees. Opposition to privatization had the law on its side, as Mexico's constitution forbid anyone but the state to invest in oil development. Pemex has taken steps to work around the constitutional restrictions--for example, entering joint ventures with Amoco Corp.
Still, much of Mexico saw the petroleum industry as belonging to Mexico and the Mexican people. As a compromise, the Mexican government agreed in March to limit foreign participation in the sale of its petrochemical complexes to 49 percent. This was intended to guarantee participation of local companies in the privatization. Meanwhile, Pemex continued to suffer environmental and safety setbacks.
In April a Pemex depot leaked fuel into the Guadalajara sewer system, resulting in an explosion that killed more than people. In November Pemex workers were repairing a valve at a storage facility when it caught fire. The resulting explosion and fire killed 4 people and injured 19, and eventually more than 5, people were evacuated from their homes. In May an explosion at a Pemex gasoline storage plant in northern Mexico killed 2 people and injured 3.
Responding to safety difficulties, Adrian Lajous, Pemex general director, said, "It is likely that we are not clearly in line with standards that prevail in other countries around the world. At the Cosoleacaque petrochemical facility near Coatzacoalcos, more than one million cubic meters of wastewater was dumped into the Coatzacoalcos River each day in Cosoleacaque was to be the first plant to privatize, though analysts said it would be one of the toughest to sell, partly because its antiquated facilities would make it difficult to compete in a market made more competitive by NAFTA North American Free Trade Agreement.
Some environmentalists had hoped that the sale of this facility and others would initiate environmental cleanup of the sites by the new owners. Others feared that Pemex was simply dumping an environmental hazard before it became too much of a problem. In February Pemex petrochemical workers signed wage accords and agreements that recognized the breakup and privatization of the state petrochemical assets.
The contracts were signed with four new petrochemical companies--Petroquimica Camargo, Petroquimica Cosoleacaque, Petroquimica Escolin, and Petroquimica Tula. This was just the first step in selling the 49 percent stake in Pemex petrochemical interests, and Mexican labor made it clear that privatization would not be an easy or speedy process.
Even so, the need to improve efficiency and safety conditions at Pemex was creating strong pressure for increased privatization. Principal Subsidiaries: Tetraetilo de Mexico S. Efforts to secure the re-admission of the foreign oil companies in Mexico proved to be a failure, however. This proved unacceptable to both the U. Government and oil companies. Finally, in , the U. Government abandoned its efforts to re-open the Mexican oil industry after several failed attempts to use government loans as leverage.
By this time, American oil companies had begun losing interest in Mexico and preferred operating under the more favorable conditions found in the Middle East and Venezuela. Menu Menu.
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