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PEMEX Cries Poverty, Analysts Beg to Differ

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Please use this identifier to cite or link to this item: http://hdl.handle.net/1928/11564

PEMEX Cries Poverty, Analysts Beg to Differ

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Title: PEMEX Cries Poverty, Analysts Beg to Differ
Author: Agren, David
Subject(s): Ernesto Cordero
federal government
lawmakers
cash cow
tax
increase
Suarez Coppel
energy
reform
union
sovereignity
monopoly
lobby
investment
fund
reserves
decline
Cantarell
shield
money
investment
project
Ku-Maloob-Zaap
oil
field
Chicontepec
reform
package
incentives
citizen
bonds
foreign
firms
Mexican Constitution
drill
viable
shallow
deep
water
Abstract: When Finance Secretary Ernesto Cordero delivered his 2011 budget to Congress in early September, complaints surfaced almost immediately in the state oil company PEMEX about the size of next year’s proposed US$20.4 billion allocation--some 30% less than requested.The concerns once again highlighted perpetual challenges in PEMEX’s finances as the federal government relies on oil revenue to fund roughly one-third of its budget, which insiders say puts the company at risk of losing money and going into debt and not carrying out new projects to stem a decline in its petroleum reserves. The concerns also highlighted the challenges PEMEX faces as lawmakers perpetually treat the company as a cash cow for funding politically popular projects and an easy source of revenue that allows them to avoid having to implement unpopular tax increases.
Date: 2010-11-10
URI: http://hdl.handle.net/1928/11564

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