Word: pemex
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...time when Latin American countries complain of lagging foreign investment, one company-and a nationalized one at that-finds money pouring in from all sides. The company is Mexico's Petroleos Mexicanos (Pemex), the oldest of Latin America's state-owned oil monopolies and about the only one with any claim to success. In one recent deal, Britain's Imperial Chemical Industries Ltd. joined in an $8,000,000 petrochemical project; in another, the French government lent Pemex a hefty $100 million for further expansion in petrochemicals...
...years after Mexico's leftist President Lazaro Cardenas stunned the world in 1938 by expropriating $400 million worth of U.S.-and European-owned oilfields, no one wanted to put a plugged peso into Pemex. Organized to run the nationalized industry, Pemex almost ruined it; the company was a political grab bag for the hacks of Mexico's ruling Revolutionary Party. Between 1952 and 1957, according to one unofficial study, graft and mismanagement cost Pemex $113.6 million. Even so, the insatiable demands of Mexico's fast-rising economy slowly increased crude-oil production to 100.6 million barrels...
Four years ago, President Adolfo Lopez Mateos sacked the politicians in control of Pemex and named a new boss: Pascual Gutierrez Roldan, 60, a successful Monterrey steelman. Gutierrez Roldan got rid of as many old pols and their pals as he could, reduced operating costs and used the money to drill new wells, build refineries and lay extensive pipelines. He then went after the foreign capital that he needed, hitting the money market at just the right time. Postwar reconstruction was well out of the way, and both European and U.S. banks were hunting new investments. Within six months Gutierrez...
TAMSA made a profit from the very beginning by selling pipe to Mexico's Pemex national oil monopoly, last year earned $4,500,000. Most of Pagliai's deals interlock in some way. Pagliai has helped to finance TAMSA's export sales through a finance company, Intercontinental S.A., that he created with the capital aid of such cronies as Germany's Alfried Krupp and big U.S. Investment Banker Charles Allen. Intercontinental S.A. has helped finance foreign investments in Mexico and raise large foreign loans for the Mexican government as well as for Pagliai...
...three shipyards in Holland and, expanding abroad in a pattern rare in the shipbuilding industry, three others in Ireland, Norway and Brazil. This week he arrives in Mexico to make final arrangements to build and operate a $60 million yard at Mazatlán that will construct tankers for Pemex, Mexico's national oil company. Verolme has also moved into manufacturing engines, textiles, electrical equipment, boilers and tanks. He now employs 10,000 people and has annual sales of between $90 and $130 million...