Pemex chief hails Mexico as ‘new Mideast’

February 28, 2013

energy - oil_rigFinancial Times, 2/27/2013

Emilio Lozoya jumps to his feet and marches over to a wall cabinet in his  44th floor office at Pemex’s headquarters in Mexico City. “You see this?” the fresh-faced 38-year-old Harvard graduate, asks, holding  up a glass vial with a pale liquid inside. “That’s pure gold. It’s as good as it  gets.”

Mr Lozoya’s optimism is infectious as he contemplates the high-grade oil  sample which he believes is emblematic of Mexico’s future. To ram home the  point, he produces an investment bank report which describes the hemisphere as  the world’s “new Middle East”. Shale gas production north of the border has already slashed energy costs in  the US, setting the stage for a manufacturing resurgence few imagined only five  years ago. Mr Lozoya believes the same is possible in Mexico.

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