 |  |
PEMEX is a state-owned company. It is operated directly in Mexico and ranks 10th worldwide when it comes to money earned. Ever since President Cardenas stated that the oil industry would be a monopoly, PEMEX was created. To get back at the government, many foreign companies closed shop, but PEMEX rose above the setback and became very successful.
The company used to sell the oil grade, 'Nova', but doesn't anymore, due to environment reasons and health regulations. Now, they sell Magna and Premium.
PEMEZ employs 138 215 people. The large company made US$103.9 billion in 2008.
Accidents
- June 3, 1979 - Largest accidental oil spill in history. Ixtoc I spilt about 600 miles south of Texas
- November 19, 1984 - Multiple explosions PEMEX petroleum storage facility ignited fire. Killed 500 people
- April 22, 1992 - Explosions in Guadalajara. Killed more than 200 people
- July 10, 2007 - Popular Revolutionary Army (Mexican rebels) blasted on pipelines
Currently, PEMEX is experiencing a bit of conundrum. Because they pay such high taxes, they have to borrow money to make ends meet. They are about US$42 billion in debt. When gas prices went up, PEMEX used the money to pay bureaucrats and salaries instead of expanding reserves and explatory needs. Annual production has been plummeting steadily since 2004. A report has stated that between 2005-2006, production was down by 500 000 barrels each day (that is a huge number, considering they produced 4.5 million barrels the prior year).
