November 15, 1995 |
Mexico's state-owned oil monopoly Pemex on Tuesday officially commenced the public auction of a huge complex of petrochemical plants on the Gulf of Mexico, the first phase of a privatization designed to raise more than $1 billion. The announcement comes amid protests by Pemex workers fearing layoffs and complaints by environmentalists that the government has relaxed pollution safeguards to make it easier to sell the seven plants in Cosoleacaque near Veracruz.
August 19, 2013 |
MEXICO CITY -- Mexico's most prestigious leftist leader on Monday challenged President Enrique Peña Nieto's proposal to open the national oil industry to private investment, setting the stage for what is sure to be a pitched political battle. Cuauhtemoc Cardenas said the state oil monopoly, Pemex, is in dire need of repair, but that amending the Constitution, as Peña Nieto plans , is unnecessary and makes Mexico's resources dangerously vulnerable to outside exploitation. Instead, Cardenas offered an eight-point plan that would give Pemex financial and administrative autonomy, relieving it, he said, of the onerous state bureaucracy that cripples its ability to grow and become more efficient [link in Spanish]
August 12, 2013 |
MEXICO CITY -- Reforms to Mexico's energy sector proposed Monday by President Enrique Peña Nieto will limit private companies to sharing profits with the state oil monopoly, an approach used only by Iran, Ecuador and Bolivia, said Energy Secretary Pedro Joaquin Coldwell. Those are not exactly models of cutting-edge economic performance, and some analysts wondered whether the proposal would amount to a real change once it had gone through the...
May 3, 2010 |
The oil dispersants being used in the Gulf of Mexico spill may help destroy the oil a little faster, but their primary purpose is to alter its destination so that the oil stays in the deep ocean rather than reaching the shore. Scientists don't know much about the oil's ultimate effect in the deep water, but most agree that it will have a much larger biological effect if it reaches the coast, which is teeming with wildlife. "You're transferring the pollution, if you will, but under the right circumstances it's probably favorable," said E. Eric Adams, who specializes in environmental fluid mechanics at the Massachusetts Institute of Technology.
October 12, 1989 |
A Coast Guard plane found an oil slick in the area of the Gulf of Mexico where a mystery ship had reported that it was sinking, and the captain of another vessel reported seeing flares in the area, 23 miles south of Pensacola, Fla. The distress call did not identify the boat but said there were 18 people aboard but only 17 life vests. However, there have been no reports of overdue vessels. The Coast Guard said the call could be a hoax but that the search would continue.
April 9, 2008 |
President Felipe Calderon on Tuesday called for a sweeping modernization of Mexico's state-owned oil company, outlining a series of reforms that would allow private firms to assume a greater role in the petroleum industry. "We must act now," Calderon said in a televised address timed to coincide with the formal presentation of his initiative to the Senate. "Time and our oil are running out." The reserves of Pemex, as the oil company is known, could disappear in a decade, officials say.