Venezuela wants Mexico energy alliance
Published: April 10, 2008 at 8:59 PM
CARACAS, Venezuela, April 10 (UPI) -- Venezuelan leaders said Thursday they would like state-energy firm PDVSA to work with its Mexican counterpart PEMEX on joint oil and gas projects.
Venezuelan President Hugo Chavez said he hoped the two firms could work out an agreement in the near future, Globovision TV reported Thursday.
However, Mexican officials would have to vote for reforms to the country's constitution to permit foreign investment in PEMEX -- a move many Mexicans have opposed amid concerns that the involvement of outside firms would reduce profits in the long run.
PEMEX profits accounts for a large portion of the federal budget in Mexico.
Venezuelan President Hugo Chavez said he hoped the two firms could work out an agreement in the near future, Globovision TV reported Thursday.
However, Mexican officials would have to vote for reforms to the country's constitution to permit foreign investment in PEMEX -- a move many Mexicans have opposed amid concerns that the involvement of outside firms would reduce profits in the long run.
PEMEX profits accounts for a large portion of the federal budget in Mexico.
© 2008 United Press International. All Rights Reserved.
This material may not be reproduced, redistributed, or manipulated in any form.
This material may not be reproduced, redistributed, or manipulated in any form.
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