Oil & Gas - Mexico

"Energy reform cannot be delayed" - PRI lawmaker

By -

Legislators from Mexico's incoming PRI party will support president-elect Enrique Peña Nieto in a push for energy reform, Javier Treviño, PRI lawmaker and chair of the lower house's energy committee said in a speech.

"An energy reform - one that maintains the ownership and management of energy resources with the Mexican state - cannot be delayed," he told the energy committee.

Elections in July re-established the PRI as the dominant party in Mexican politics as Peña Nieto won the presidency and the party secured a majority in the lower house.

Treviño said they hope to rid the country of antiquated energy policies in the current congressional session.

"The Mexican people should not be held hostage by old ideologies, which have only resulted in delays to the well-being of the people, loss of competitiveness for the industry and a lack of decisive action in the face of falling reserves and volatility in the world energy market," the lawmaker told the committee.

Opposition to any form of privatization has been led by the political left, including PRD presidential runner-up, Andrés Manuel López Obrador.

Despite concerns from the left Treviño was clear about who owns Mexican energy resources.

"The sovereign power of the Mexican state over its diverse energy resources is not, nor ever will be, in question," Treviño said.

"What is necessary and urgent is changing the way in which the state exercises its ownership of these resources to ensure effective production, processing and distribution for the energy security of the nation."

What remains unclear are the specific policies the PRI would include in an energy reform apart from maintaining ownership of resources with the state.

Treviño declined to comment when asked by BNamericas about specific measures in a reform or a likely timeline.