Abstract

The article analyzes Pemex’s investment policy for the period 1980-2019, based
on the management of other oil companies. The central question is whether in the last four
decades, it has been convenient for Pemex to be specialized in oil extraction, while other
companies focused on the comprehensive development of the supply chain. The answer is
negative. The sale of crude oil and the abandonment of refining made Mexico a net importer
of fuels, a trend, which, today, is seeking to be reversed, in an environment of a high fiscal
burden and high indebtedness of the company.

JEL Classification: F23; O47; O11; Q43; Q48.