Mexico’s Sheinbaum to Expand Federal Control Over Energy Giants

Mexican President Claudia Sheinbaum would gain increased control over Pemex and the national electricity utility under legislation that’s expected to win approval.

The Chamber of Deputies, Mexico’s lower house of Congress, on Wednesday began discussions on reclassifying Petroleos Mexicanosand Comision Federal de Electricidad from “state productive companies” to “public companies.” The change would force the companies to prioritize the government’s social and economic objectives over corporate profits.

The reclassification was initially proposed by Sheinbaum’s mentor and predecessor, ex-President Andrés Manuel López Obrador, and is expected to win approval from the ruling coalition’s decisive majority in the chamber. ...