Mexico Passes Energy Bill Boosting State Control Over Pemex, CFE
- Reform clears Senate hurdle with 86 votes in favor, 39 against
- Bill assures state companies remain central players in sector
Petroleos Mexicanos headquarters in Mexico City.
Photographer: Luis Antonio Rojas/BloombergThis article is for subscribers only.
Mexico’s Senate approved a bill that will hand President Claudia Sheinbaum more control over state energy companies, expanding the government’s role as the country’s largest player in the sector.
The Senate voted 86 to 39 in favor of the change that would reclassify state oil company Petroleos Mexicanos and utility Comision Federal de Electricidad as “public companies,” giving the government more control over them and no longer requiring them to turn a profit. Previously, the companies were classified as “productive state companies,” which receive limited support and have to be profitable.