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Senate proposal: open Mexico’s state-run oil sector to private companies
– canadianbusiness.com
MEXICO CITY – A Mexican senate committee on Saturday proposed the most dramatic oil reform in decades that would open the country’s beleaguered, state-run sector to private companies and investment.
The Senate proposal would allow the government to grant contracts and licenses for exploration and extraction of oil and gas to multinational giants such as Exxon or Chevron, something that is currently prohibited under Mexico’s constitution.
It also says that contracts could be made directly with the state, rather than issued by the state-run oil company, Petroleos Mexicanos, or Pemex, ending its monopoly on Mexican oil.
The proposal, which gets official committee consideration on Sunday, could allow contracts for profit- and production-sharing, as well as licenses, in which companies pay royalties and taxes to the Mexican government for the right to explore and drill. Pemex would get first consideration for licenses.
It would give private companies the ability to post expected benefits in their financial statements, as long as they specify in their contracts that all oil and gas they find in the ground belongs to Mexico, according to articles expanding on the reform…
The Senate proposal would allow the government to grant contracts and licenses for exploration and extraction of oil and gas to multinational giants such as Exxon or Chevron, something that is currently prohibited under Mexico’s constitution.
It also says that contracts could be made directly with the state, rather than issued by the state-run oil company, Petroleos Mexicanos, or Pemex, ending its monopoly on Mexican oil.
The proposal, which gets official committee consideration on Sunday, could allow contracts for profit- and production-sharing, as well as licenses, in which companies pay royalties and taxes to the Mexican government for the right to explore and drill. Pemex would get first consideration for licenses.
It would give private companies the ability to post expected benefits in their financial statements, as long as they specify in their contracts that all oil and gas they find in the ground belongs to Mexico, according to articles expanding on the reform…
90 days – 1.60%
– ratesupermarket.ca
This GIC rate is offered by Oaken Financial and was updated on 2013-03-07. Click on the link above to get more details or apply online.
30 days – 1.50%
– ratesupermarket.ca
This GIC rate is offered by Oaken Financial and was updated on 2013-02-04. Click on the link above to get more details or apply online.
120 days – 1.70%
– ratesupermarket.ca
This GIC rate is offered by Oaken Financial and was updated on 2013-10-17. Click on the link above to get more details or apply online.
5.5 year – 2.35%
– ratesupermarket.ca
This GIC rate is offered by DUCA Financial Services and was updated on 2013-11-09. Click on the link above to get more details or apply online.
