Market cautious but upbeat after Mexico energy reform

Dec 23, 2013 | 02:23 PM | Thorsten Schier

Tags  Mexico legislature, energy reform, Tenaris, Petróleos Mexicanos SA de CV, Pemex, oil country tubular goods, OCTG, Citibank Enrique Peña Nieto

NEW YORK — The energy reform passed by Mexico’s legislature in mid-December has brought cautious optimism to the energy tubulars market.

Some sources say the move should eventually spur demand despite many issues that need to be resolved in an oil and gas industry that has been under state control since 1938.

"This is a transformational reform ... that will allow the country to produce more energy at lower costs," Mexican president Enrique Peña Nieto reportedly said at the signing ceremony for the new law, which allows foreign companies to invest directly into Mexico’s energy economy, although extraction still needs to occur in partnership with national operator Petróleos Mexicanos SA de CV (Pemex).....

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