December 1, 2022

Weekly Oracle

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Energy reform in Mexico | America raises concerns

(Mexico City) The United States reiterated in Mexico on Friday that its plan to reform the energy market had caused them “real concerns” that it would threaten tens of thousands of dollars in US private investment.

Released at 6:52 p.m.

After a two-day visit to Mexico on Thursday and Friday, US Secretary of Energy Jennifer M. Grஹnholm said in a statement that “the reform bill could affect the Mexican-American clean energy and climate efforts.”

The U.S. envoy expressed “real concerns” about the Biden-Harris administration during his meetings with Mexican officials, including President Andres Manuel Lpez Obrador.

“I assure you that Mexico is committed to supporting clean energy and resolving current disputes related to energy projects within the law,” he said.

The U.S. ambassador to Mexico and the U.S. trade representative have publicly expressed their concerns in previous months.

Constitutional energy reform aims to “modernize and strengthen” the 100% state-owned two national entities, Petroleum Mexico (Pemex) and the Federal Electricity Board (CFE), for example, which seeks to allocate 54% of the electricity market to the CFE.

Before leaving for Mexico, three Democratic senators wrote to the Secretary of Energy and Secretary of State Anthony Blingen, saying the reform plan could threaten “at least $ 44 billion in private investment in the energy sector.”

The Mexican executive also wants to “fight corruption effectively” in the energy sector.

Emilio Lozoya, former president of Pemex, is in custody on charges of corruption in Odebrecht, a Brazilian construction company that distributed bribes in exchange for contracts in several Latin American countries. The prosecution demanded that he be sentenced to 39 years in prison.

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Pemex concluded its acquisition of a deer park refinery in Texas on Thursday during Energy Secretary’s visit, acquiring a 50% stake in Shell for $ 596 million.