Mexican president holds back energy counter-reform, for now

Mexican President Andres Manuel Lopez Obrador said on Thursday he may reverse Mexico’s 2013-2014 energy liberalization next year if he is unable to “rescue” state oil company Petroleos Mexicanos and electricity utility CFE with existing laws.

“I don’t want the energy sector to be privatized because if we don’t have economic independence, energy independence, we cannot guarantee our sovereignty,” he said in his morning news conference.

“We are looking for a balance,” he said, giving the example of electricity, 54% of which he said should by generated by CFE and the rest by private business.

Lopez Obrador said he would do everything he could to strengthen the indebted public companies, when asked if the steps could include refinancing debt.