PEMEX: in the frontier with U.S.A.

National
Pemex has historical debt
PEMEX: in the frontier with U.S.A.
By: Carlos Damian March 9, 2012
Pemex must pay 7 thousand 898 million of dollars for loan
Mexico. - Mexican Oils (PEMEX), is a property company of the Mexican State that will face short term debt by 7 thousand 898 million of dollars, while its long term debt is of 48 thousand 53 million of dollars, reveal preliminary reports. The administration that purportedly asserts have "it collocate to save", phrase used by the federal executive, Felipe Calderon, upon inaugurating the Bicentenary platform the past 27 of February, however the current federal administration is the one which has carried at alarming levels the debt of Pemex.

According to official figures, the total debt of Pemex at the end of 2011 ascended to 55 thousand 951 million of dollars, the amount is the topmost of the history in the last years and is waited to rise to more than 59 million of dollars upon concluding the present year. In this short history we don’t let go by that oil constitutes one of the most profitable businesses of the blue planet, and that the petroleum counts on a wide profitability margin with an extraction cost of barrel of five dollars, and a selling price of more than 100 dollars, that yields to you considerable earnings, and in spite of all this, the para–State operates with losses that compel it to appeal to the debt contracting to finance infrastructure and projects.

Demand to protect interest of the country
The probable geological structures existence that they could contain hydrocarbons and that are shared with The States to what is long of the limit between both countries, in the Gulf of Mexico, compels to the Senate of the Republic to analyze punctually the treaty on trans-border deposits signed in February, warn expert in oil industry. Before be ratified in the legislative it should be very prompt in the analysis of the agreement, in topics as information, initial estimate and mechanisms to reassess. To put special attention in which there are not ambiguities to reassess the first estimates, as well as the times, the mechanisms so that could be gone evaluating the waited production, and the compensatory mechanisms that this implies.

One must to consider likely that we have to change the regulations because the National Hydrocarbons Commission is very young. At the same time in The States the regulatory entity has a much worked code, by the legal nature and the great quantity of perforations. Miguel Garcia Reyes, professor of the IPN, indicated that it is very probable that there is oil potential in the call ‘holes’ doughnut’ in the Gulf of Mexico. This comes to collation because various officials have denied that there is potential of hydrocarbons in that zone. If we followed with this reference, is explained by that the Americans have been pressing from 1996 and they have recommended the moratorium, to make they exploratory projects.

EU knows that there is oil
From 1970s the country of the bars and the stars have accomplished projects seismologic of navy in that zone and found indicia of the existence of oil and gas. "Certainly there is oil, and that must alert us so that the federal government and Pemex defend the interest of Mexico”. However it can not be ignored the contradiction of the mishandling of Pemex, concretely the fiscal plunder of the fact that it is object each year, and that ends absorbing the whole its earnings: to way of example, fits to indicate that the last year Pemex obtained some 42.67 million of dollars by its crude sales, but must pay 65 thousand 627.53 million of dollars in taxes, utilizations and other rights.

The fiscal bleeding, the indebtedness uncontrolled and the lack of capacity of its offices provoke that Pemex deliver, year with year, bad resulted in what is financial, that they deny the affirmation of the current federal administration of the fact that it is guaranteed its "viability in the long run". And even though it is certain that that panorama results undesirable for the country, it can not be happened by high sky that the wrong performance of the national petroleum concedes arguments to who recover the suppression of its public statute and its movement to hands of particular.

In this context does not result idle we wondered in what measure the losses and the indebtedness of Pemex are a consequence of the administrative incompetence of the government, and until point form part of a pledge by carrying to the company to the financial insolvency, to feed the perception of a unable state to administering and leading with good results to national oil industry, and forging thus, the legal regime of Pemex and its national company condition. It is important to indicate that the petroleum must appeal constantly to the national and foreign capital markets to complete the financing of its investment projects in productive infrastructure.

In such circumstance is imposed the need of the fact that the society, as well as the sectors of the political class committed with the constitutional mandate, demand to the federal authority that explain the reasons of the uncontrollable indebtedness of Pemex, that explain the destination of the resources obtained by that route, that enter to the jail all the bureaucrats that they are being making rich with the mishandling of the national company, and that puts an end to the fiscal depredation that is accomplished on the company. It is not very distant the day that to be foreign property change its fiscal company condition slave of the state. (La Jornada, politica, p. 6a, March 3, 2012).