Friday, December 20, 2013

PEMEX reforms are now officially the law

"These reforms are going to protect the national wealth that belongs to all Mexicans" - Peña Nieto

They were signed today by president Enrique Peña Nieto at the National Palace in Mexico City, and here is what he told legislators during the ceremony (redacted and translated by MGR):

"I congratulate you for demonstrating that Mexico can transform itself in a democratic way, and that it has the capacity to make deep institutional changes. By advancing responsible public policies and by your careful legislative work, you have accomplished things which will convert our energy sector into a genuine source of national economic growth.

"Through its democratic institutions, Mexico has declared itself in favor of change and transformation. With these reforms, we are sending a clear and strong message that Mexico is remaking itself in the 21st century for the good of all its citizens. That is how these reforms will be perceived abroad.

"It is time that the nation's energy resources be a real factor in our growth, and that they have a daily impact upon the lives of our citizens. Through these institutional reforms, in 2014 we will begin to see more prosperity for all Mexicans.

"We will now be able to exploit for the benefit of all Mexicans our abundant hydrocarbon fields, which until now have produced no income for us, and to which we have had no means of access since they lie beneath the deepest waters. The cost of electricity and gas will fall, and the beneficial effects of the reforms will be felt in every home across the nation, without causing the nation to incur any debt.

"These reforms are going to protect the national wealth that belongs to all Mexicans. The income we receive from non-renewable energy sources - our gas and oil reserves - will be invested in education, science and technology, in our national infrastructure and in public savings.

"PEMEX workers can be assured that their labor rights will be protected and fully respected. PEMEX belongs to and will continue to belong to Mexico."

Details here
Dec. 8 - PEMEX amendments are on the legislative "fast track"
Dec. 11 - Mexico's PEMEX enters the 21st century, as senators open the door to foreign expertise and private capital
Dec. 11 - Mexico's Chamber of Deputies wastes no time, approves PEMEX reforms
Dec. 13 - Mexican states rush to endorse PEMEX reforms
Dec. 15 - Jalisco and all of Yucatán peninsula approve PEMEX reforms
Dec. 16 - San Luis Potosí puts PEMEX reforms over the top
Dec. 18 - Not much democracy in "Democratic" Revolution Party
Dec. 19 - U.S. Senate approves pact for transborder oil exploration
Dec. 21 - Mexico's sovereign credit rating upgraded on PEMEX reform news
Dec. 23 - Mexican energy reforms will lure in $10 billion dollars in immediate investment, official says
Dec. 10 - Foreign Policy names Peña Nieto a top Global Thinker
Nov. 3 - Forbes praises Peña Nieto's "courageous" energy policy

Mexico's far Left huffed and puffed over the PEMEX reforms, and even partially disrobed in protest. In the end it was all for naught. Then they petulantly announced they would no longer cooperate with Mexico's two main centrist parties in advancing key legislation. PRD: "The Pact for Mexico is dead."

© MGRR 2013. All rights reserved. This article may be cited or briefly quoted with proper attribution or a hyperlink, but not reproduced without permission.

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