Mexico’s opaque state-owned enterprise

Petróleos Mexicanos (Pemex) is not just any business: it partially controls the State.  Its spillover on the national budget is tremendous, and it has highly opaque practices.  It also operates in a complex, damaging, controversial and increasingly questioned industry: hydrocarbons.

With one foot in the public sector and the other in the private, Pemex is also present in multi-actor processes like EITI and its Board of Directors includes several people who hold or have held government positions.

Because of its history of opacity, we have been watching Pemex since our beginnings, and we have conducted vertical and horizontal analysis and strategic research into its structure, its commercial partners and its interactions and interrelationship with the State, because it is company established as half-public/half private.

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