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Pemex’s Summer of Discontent

By Naki Mendoza

AMLO has pledged to revive Mexico’s state oil firm, but the company’s five-year plan may do more harm than good.

More than a year has passed since Andrés Manuel López Obrador was elected Mexico’s president and Pemex, the state energy firm that he has vowed to revive, is in as much trouble as ever. In July the company reported a $2.7 billion loss for the second quarter of 2019. The results are unsettling, but also consistent with the gaping losses that have become customary for Pemex – the company was in the red by triple that amount in the same quarter...

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