PEMEX cannot be cured. Throwing buckets of cash on it won’t cure it. It’s a bottomless pit that will continue destroying value until finally some President of Mexico musters the courage to cut it up and seel the pieces on the open market. But that goes further – Mexico should take some inspiration from its neighbor to the North and give mineral rights to the owners of the soil. Together with private oil industry, the forces of competition and market would sort things out. Oh, that will be very painful for many. Expect protests. Don’t hold your breath for any of this to happen any time soon.
Rudolf Huber was featured in those quality publications
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