Mexico hoping to increase oil productivity

Mexico’s president-elect said the private sector must be allowed to help modernise his country’s state-owned oil company to increase productivity and make it more competitive.

Enrique Pena Nieto spoke after meeting Brazilian business leaders at the Sao Paulo Federation of Industries.

Mr Pena Nieto said Petroleos Mexicanos needs major investments in oil exploration, production and refinement “and that will only be possible through partnerships with the private sector”.