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Houston Chronicle: Pemex CEO says tide is changing: Lazaro Cardenas remains a national hero for kicking out Standard Oil and Royal Dutch Shell

Bloomberg News

Pemex Chief Executive Officer Jesus Reyes Heroles said Monday that he’s hopeful Mexican lawmakers will adopt rule changes that would encourage investment in the company and promote its growth.

“Opinion in the Congress has been changing in the past few years,” Reyes Heroles said Monday in an interview with Mexico City-based Radio Formula. “I’m very hopeful.”

Pemex is a state monopoly for oil and natural gas production.

Mexican President Felipe Calderon, who served as energy minister for eight months under his predecessor, Vicente Fox, has made no direct calls to end the 1938 ban on private oil ownership. Since taking office in December, the president has instead pointed out the shortcomings of the state-run industry, he said.

That tack is necessary to build support in a country where Lazaro Cardenas remains a national hero for kicking out Standard Oil and Royal Dutch Shell.

Dec. 17, 2007, 8:45PM

http://www.chron.com/disp/story.mpl/business/5385556.html

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