Mexico's once mighty Pemex oil firm faces bleak future

Aerial view of the Pemex (Petroleos Mexicanos) Ku-S oil processing centre, part of the Ku-Maloob Zaap complex, in the Gulf of Mexico, off Ciudad del Carmen, Campeche StateMexico’s state-run firm Pemex is bracing for massive budget cuts as it battles to avoid a bleak future mired in tumbling oil prices, falling production and rampant fuel thefts. President Enrique Pena Nieto has implemented an energy reform that ended the company’s seven-decade monopoly of the energy industry but also sought to inject new life into Pemex through partnerships with private firms. “Pemex is obviously in a critical situation financially,” David Shields, director of the industry magazine Energia a Debate, told AFP.

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