Jun 14, 2012

Analysis: Mexico election favorite faces stiff test on oil reform

ReutersMEXICO CITY - Mexico's state oil giant Pemex, the country's most celebrated symbol of self-sufficiency, risks becoming a net importer of crude within a decade unless it can find more oil.

To rescue it, presidential front-runner Enrique Pena Nieto has pledged to open up the firm to more private investment, breaking with the traditions of his Institutional Revolutionary Party (PRI), which nationalized Mexico's oil industry in 1938.

Pena Nieto's promise of "bold steps" to boost outside involvement in oil exploration, refining and production are at the heart of his vision to grow the economy and revamp the image of the PRI, which ruled Mexico for most of the 20th century. Read more.

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