Ex-president of Brazil Luis Inácio Lula da Silva, appearing in Acapulco for the 74 Banking Convention, said that Mexico should not fear associations with private capital in its energy sector. Lula also notably offered an "alliance" between the two state-owned oil companies.
Mexican politicians would be wise to listen to Lula; in Brazil, the state still has a majority share of PETROBRAS, yet thanks to continuous expansion, after attracting foreign and national private capital and technical know-how, this company is among the most dynamic, profitable, and forward-looking in the world.
Even more important: The growth of PETROBRAS has allowed the Brazilian government to drastically up its spending on social and anti-poverty programs.
I would never expect Andrés Manuel López Obrador and his followers to accept as much as a cent of private capital in the Mexican PEMEX, yet perhaps some of the less dogmatic people in PRD and PRI will take note of Lula's call.
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