State-run Pemex To Be Open to Private Investments

Mexico?s state monopoly Petroleos Mexicanos plans to open the oil industry to private investment and operations for the first time in 2005.

"In 2005 we decided to launch the next round in areas outside the Burgos Gas Basin, such as Veracruz and Tabasco (states lying on the Gulf Mexico), the Lancahuasa fields (off the Veracruz coast), Chicontepec (in northern Veracruz state, site of one-third of the nation's total reserves), Coatzacoalcos, Cuichapas and Gas Terciario," he said.

These projects include crude-oil production and would mark the opening of energy operations to private firms under an arrangement leaving infrastructure and production in the hands of the Mexican government, as provided for in the Constitution.

Mexico is one of the world's leading oil producers and a leading supplier for the United States. Nevertheless, Pemex is forced to hand over 60 percent of its revenues to the government.