LatinFinance - September/October 2015 - 82

Economy
Waiting for a
northern boost

INVESTOR
REPORT
MEXICO

PAGE 84

Infrastructure
Power finance wanted
PAGE 90

Revolution road
With a new president at its helm, Mexico
embarked on a chain of reforms in 2013.
These aimed to make the country's education system, fiscal policies, and energy
and telecom sectors more efficient,
productive and competitive. Economists
quickly raised their estimates of Mexico's
economic growth - but the country's
economy has since underwhelmed as
participants realized that implementing
the reforms would take more time than
initially expected.
Mexico put the final touches on its energy reform a year ago, opening the sector
to private investment with the aim of making it more efficient. Production at Pemex
had been declining for a decade, and a lack
of investment in exploration and extraction hindered the state-owned company's
ability to compete. Already the sector is attracting project financing investment and,

82 L ATINFINA NCE.COM - September/October 2015

in the spring, BlackRock and First Reserve
made a marquee international equity
investment in Mexico's energy industry,
by buying stakes in the Ramones II natural
gas pipeline.
Yet a year after the reform, and despite
a torrent of enthusiastic comments on the
country's oil and gas assets, Pemex drew in
weak demand in an auction of its projects,
tendering just two of the 14 blocks on the
table.
Officials will be hoping for better luck
when the state electricity commission,
CFE, advances with tenders on more than
two dozen projects. The transformation
of CFE is another leg to the energy reform,
alongside the changes for Pemex. CFE will
have to split its generation, transmission
and distribution business by the end of
next year - and it will face competition to
sell and deliver power.

It is planning on tendering $10 billion
of projects. The government is seeking to
ramp up energy imports and generation
capacity, and has created an electricity
spot market to make the sector competitive to feed the economy's industrial sector
and rising electricity demands.
Elsewhere, Mexico's manufacturing
sector, particularly its automotive industry, is forging ahead. As the US economy
picks up, Mexican exports to the northern neighbor should lift its own growth.
Already, indications are positive:
automotive production increased by 8.1%
in the first half of the year, the largest
jump in the sector's history. Mexico's
industrial sector is set to push the country's demand for energy, and the government is ramping up pipeline projects in
a bid to increase capacity and lower
costs. LF



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Table of Contents for the Digital Edition of LatinFinance - September/October 2015

Contents
LatinFinance - September/October 2015 - Cover1
LatinFinance - September/October 2015 - Cover2
LatinFinance - September/October 2015 - Contents
LatinFinance - September/October 2015 - 2
LatinFinance - September/October 2015 - 3
LatinFinance - September/October 2015 - 4
LatinFinance - September/October 2015 - 5
LatinFinance - September/October 2015 - 6
LatinFinance - September/October 2015 - 7
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LatinFinance - September/October 2015 - 31
LatinFinance - September/October 2015 - 32
LatinFinance - September/October 2015 - 32A
LatinFinance - September/October 2015 - 32B
LatinFinance - September/October 2015 - 33
LatinFinance - September/October 2015 - 34
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LatinFinance - September/October 2015 - G1
LatinFinance - September/October 2015 - G4
LatinFinance - September/October 2015 - G5
LatinFinance - September/October 2015 - G8
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