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Article: MEXICO: DEBT-RIDDEN STATE OIL MONOPOLY STRUGGLES TO COMPETE
- Article from:
- Inter Press Service English News Wire
- Article date:
- April 1, 2005
- Author:
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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Adrin Reyes
Inter Press Service English News Wire
04-01-2005
MEXICO CITY, Mar. 31, 2005 (IPS/GIN) -- The spectre of
bankruptcy is looming over Mexico's state oil monopoly, which
carries a burden of $86 billion in debt, while more than 60 percent
of its sales go to the state in taxes.
These factors, combined with its ageing infrastructure, are
making it more and more difficult for Petrleos Mexicanos (Pemex)
to compete with outside companies during this time of rising oil
prices.
The heavy tax burden and lack of investment in upgrading
infrastructure and exploration and prospecting are among the main
elements endangering the oil company, which was created by the
government of Lzaro Crdenas after ...
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