Mexico’s economy depends heavily on oil exports and thus is looking to safeguard against future market turmoil that might cause the number two Latin American country to face a cashflow crunch. after mounting criticism from foreign investors that have called for more privatization in the oil sector the country’s credit rating has been cut in recent months and is in danger of additional declines.
This month Pemex Celebrates 82 Years as a State-Owned Company, Petróleos Mexicanos (Pemex) is the largest oil company in the country, a source of national pride and one of the most important oil companies in the world. On the 7th of June 1938, through a Decree issued by Mexican President Lázaro Cárdenas del Río, Pemex was created. This was a historically significant decision that has become synonymous with development and progress in the country.