Three years ago (March 2021, on the 83rd anniversary of the expropriation), the President López Obrador advertisement Actions for clean Mexican Petroleum and rescue the hydrocarbon industry.
A measure, it was understood, in defense of national sovereignty and energy self-sufficiency.
Even judged as “unpatriotic”, the convenient energetic reform of the Peñanietismo was demonized and they opted for the unaffordable production of gasoline.
AMLO He then emphasized that the oil company would be protected to maintain its market share and associated his determination with that of President Cárdenas:
“Even with the passage of time, that serene and firm decision will continue to be an example of how to act to enhance national dignity and persevere in the construction of a freer, more just, more democratic and more sovereign country (…). “I repeat what I have been saying for many years: the only owner of the oil is the people of Mexico.”
Yeah?
Well, the illusory “owner” finds out that “his” company is so bad that the Ministry of Finance forgave him 86,640 million pesos of taxes (Right of Shared Profit), corresponding to the last four months.
At that commemoration, the president boasted that all the raw materials would be processed in Mexico, that the crude oil would be destined for refining, and that the policy of exporting oil and importing gasoline would end.
Bad business for the most indebted oil company in the world (108 billion dollars).
Overturning the reform inherited from Peñanietismo became an obsession, opting to restart the construction of the Tula coke plant, invest in the modernization of the existing refineries, buy the remaining half of Deer Park and the foolish construction of one in Dos Bocas (spending to date double what was budgeted: 16 thousand instead of eight billion dollars).
Pemex faces serious liquidity problems and in 15 years has not reduced its financial commitments.
The forgiveness of your taxes entails a certain “privatization” because what is forgiven by the Treasury is property of the Nation, and no one other than the company and its union will benefit from that money.
Its best business would be to extract crude oil from the most accessible beds and low-cost exploitation, as was contemplated prior to the change in energy policy.
Having converted its own into junk bonds, Pemex is in a virtual comatose state.
In dialogue with Leonardo Curzio (Radio Formula), analyst Macario Schettino said that the company must concentrate “where it is really business” and stop refining.
Pemex, he recalled, “has more retirees than working personnel,” and said he hoped “that everyone had already understood this, but in particular neither the president nor his team have understood it. Learning already cost us a lot of money. Right now they don't even understand him anymore, right now it doesn't matter anymore. Let's see the next team, the next president, let's see what she decides, but right now there is no way out…”
@CarlosMarin_soy
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#Gasolinization #terrible #business
