Word: pemex
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...deliver on. Although more politically adroit, Calderón inherits a far more acrimonious political environment, in which López Obrador still insists he is the legitimate President. This surely will complicate Calderón's dealings with the public-sector unions and with sensitive symbols like the national oil company, Pemex, which desperately needs foreign investment, now outlawed. "Mexico needs to think outside the sovereignty box," says Raul Rodriguez, former CEO of the North American Development Bank, but Mexico's nationalization of Rockefeller's Standard Oil company holdings in 1938 is still commemorated every March 18 as National Expropriation...
...Pemex is now the government's cash cow, providing about 30% of federal revenues, a dependence that has torpedoed fiscal reform. Nonoil tax collection, as a percentage of GDP, is about 10%--about the same as in Haiti. Lopez Obrador's economic team calculated that an additional 2% to 3 % of GDP could be recouped with more rigorous tax collection, which would mean cracking down on rampant tax evasion--roughly at 50%--and the widespread abuse of legal but economically unjustified tax exemptions. "All businesses should pay tax without exemptions," says José Luis Barraza, president of the Consejo Coordinador Empresarial...
...Knight was persistent. Two years later, according to internal Molten documents, Knight began working on ways to court Molten's largest potential customer in Mexico--the state-owned oil company, Pemex. To prove it could do the work, Molten set out to perform a "feasibility" plan. And to engage Mexico's top environmental officials, it asked U.S. Ambassador Jim Jones, an old Gore ally in Congress, to hold a luncheon at his Mexico City residence. One corporate E-mail to Knight thanked him for "helping us" with Jones and a U.S. agency that granted Molten $280,000 to help finance...
Knight moved next to the Commerce Department, where he escorted Molten officials for a briefing by trade officials on Mexican environmental-cleanup opportunities the same year. In July 1996, Commerce Secretary Mickey Kantor called Pemex's director general to plug the company and its bid for toxic-waste work in Mexico. Pemex has indicated a strong interest in the project but has yet to announce a decision...
...source described the talks as ``very hot.'' Lawrence Summers, Undersecretary for International Affairs at the Treasury and a participant, said the U.S. was insisting on ``very tough conditions'' to make sure the loans would be repaid. One condition is that the U.S. get first call on the revenues of Pemex, the state oil monopoly, if necessary to repay debts. Mexico is reluctant but in a poor position to resist, since Pemex revenues move through the Federal Reserve Bank of New York...