President Enrique Peña Nieto led the ceremony of the 78th Anniversary of Petroleum Expropriation. The president thanked Mexican oil workers and reaffirmed his commitment to Petróleos Mexicanos and its workers.

“Thank you for your effort, work and their daily commitment to Mexico. I congratulate each and every one of the country’s oilmen. You are a great source of pride for our nation.”

In 1938, the expropriation decreed by President Lázaro Cárdenas posed an enormous national challenge. In addition to the political, legal and economic difficulties involved in this decision, there were stringent technical requirements.

For nearly 80 years, Pemex and its team have had to overcome extremely complex national and international conditions. Yet despite this, they have pulled through time and time again.

“Today, the world situation, marked by the sharp drop in international oil prices, again demands the best of our oil men; the circumstances we face require their audacity and determination, capacity and experience.”

Like oil companies all over the world, Pemex must adapt to the new reality of low oil prices. It must do more with less; it must generate efficiencies and reduce costs; it must increase productivity and direct its investment towards the most profitable projects.

Pemex’s prospects are positive. The Adjustment Plan approved will strengthen the future of this great national company. Unlike other oil companies worldwide, Pemex now has two strengths that distinguish it:

1. An Energy Reform, whose transformative potential is just beginning. This structural change gives greater flexibility and capacity to form partnerships; it opens up a new horizon of possibilities. It gives it strength and a future.

2. It has the government’s full, permanent and strong support. 

The President has instructed the Ministry of Finance and Public Credit and the Ministry of Energy to accompany and facilitate the process of adjustment and modernization Pemex requires. 

Both ministries will support it, so that it can make the best use, as soon as possible, of all the instruments and benefits provided by Energy Reform, including new partnership schemes with the private sector. 

"There are difficulties, but there are alternatives and, above all, there is a solution plan.

No difficulty, however complex it may seem, will be greater than the capacity and strength of Petróleos Mexicanos and its workers.

In the coming months, I am sure, Pemex will demonstrate its ability to turn this difficult moment into a great opportunity to structurally strengthen itself and become a benchmark for the global energy industry.”