The New Institutional Framework Of Pemex

Just like oil is a resource that is inextricably tied to the Mexican national identity, Pemex, which literally stands for "Petróleos Mexicanos" (Mexican Oil), is one of the core institutions not only of the Mexican Government, but the entire country. When talking about Pemex, one may at times ignore or forget the nature and size of the company. Pemex is by far the largest company in Mexico with over one and a half trillions pesos in revenue and over 150,000 employees¹; gargantuan proportions to say the least. Furthermore, its activities represent 7.6% of the Mexican Gross Domestic Product², and, due to the special oil taxation regime to which it is subjected, it is also responsible for 20-33% of the total Federal Government income³.