Pemex To Reorganize Its Structure

Mexico?s oil company Pemex will reorganize its administrative and corporate structure, that would allow for more flexibility and maneuverability.

The reorganization, which will take effect by the end of the year, would give Pemex more flexible business criteria so that it does not have to rigidly stick to the budget .

However, Pemex reform could be hindered by Mexico's 2006 elections, and progress is also contingent on investments in the country, he said.

There are expectations that the country's economy will grow some 4% this year. Of its foreign debt, 80% is locked into a fixed rate, putting Mexico "in a privileged situation and positioning the country for investment," he added.