Mexico state oil firm eyes more freedom with new president

Reuters, 7/20/12

Reforms to make Pemex more independent and remedy its lopsided balance sheet have wide backing across the political spectrum and could be easier to achieve before other, bolder changes Pena Nieto promised during his campaign.

The PRI has floated the idea of changing the constitution to allow more private investment in the industry, an about-face for the party that in opposition blocked broad energy reform by President Felipe Calderon’s National Action Party (PAN).

Pressure for reform of Pemex has built steadily, stoked by fears that the world’s No.7 oil producer could become a net importer of crude within a decade if it does not rapidly find new discoveries to replace a decline in production.

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