MEXICO CITY, July 25 In an effort to boost the
financial health of Mexico's two national energy companies,
lawmakers approved a proposal in committee on Friday that would
shift a third of the firms' massive pension liabilities to the
Current pension liabilities for both state-owned oil company
Pemex and national electricity utility CFE
total about 2 trillion pesos ($155 billion).
Lower house lawmakers in favor of the debt shift argued that
it will help both state-run firms compete under the terms of an
overarching energy reform that opens the oil and power sectors
to private competition for the first time in decades.
The proposal conditions the debt relief on both companies
adopting a new pension scheme, and would potentially improve the
ability of both to borrow at more attractive terms.
Part of a package of so-called secondary laws needed to
implement the energy reform, the proposal will be debated next
week by the full lower house.
Final approval of the secondary laws is expected by early
($1 = 12.9408 Mexican Pesos)
(Reporting by Noe Torres; Editing by Bernard Orr)