Mexican left proposes mild oil reform alternative, rejects privatization

Published January 13, 2015

Mexico's largest left party has presented its own proposal for reforming the country's oil industry, ruling out any greater role for private companies.

The leftist Democratic Revolution Party opposes the plan proposed last week by President Enrique Pena Nieto, who wants to change the constitution to allow profit-sharing contracts with private firms.

So the party's former presidential candidate presented a milder reform Monday, one that would loosen the government's stranglehold over revenues from the state-owned oil company, Pemex.

Cuauhtemoc Cardenas also proposes giving Pemex more independence by removing Cabinet secretaries and the oil workers union from the Pemex board seats they currently hold.

Cardenas is the son of ex-president Lazaro Cardenas, who nationalized the oil industry in 1938.

Mexico's oil production has dropped by about one-quarter over the last decade.

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https://www.foxnews.com/world/mexican-left-proposes-mild-oil-reform-alternative-rejects-privatization