World

August 16, 2013

Mexico’s state oil giant faces pressure to revamp, slim down

For generations, one of the sweetest jobs any Mexican could aspire to has been a slot at the state oil giant, Petroleos Mexicanos. Salaries are high, and Pemex offers fat pensions, a low retirement age and sometimes-modest – even barely existent – workloads. But the company has seen crude oil production fall for the past eight years, endangering its role as the ATM of the federal government. Now President Enrique Pena Nieto has proposed opening the energy sector to foreign investment, and experts say Pemex and its employees are in for turbulent times.

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