Pemex

SM ABR

= Petróleos Mexicanos

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= Petróleos Mexicanos

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= Petróleos Mexicanos

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Pemex

= Petróleos Mexicanos

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PEMEX ['pemeks] nmpl (abrev de Petróleos Mexicanos)

= Mexican state oil company

PEMEX

Mexico is one of the world’s largest oil producing countries, with oil exports representing about one third of the national income. Petroleos de Mexico (Pemex), one of the world’s largest oil companies, was set up following the nationalization of foreign-owned oil companies by President Lázaro Cárdenas in 1938. It has a monopoly, protected by the constitution, and controls virtually all aspects of oil and gas exploitation in Mexico, though some private investment is permitted in petrochemicals. The need for major investment to modernize the industry may, however, lead to a relaxation of these restrictions, though such reforms are likely to prove highly controversial.