Renaissance Oil Corp. RNSFF

Slowness

[countrysquire]

Onedaylate, I suspect you are right about bureaucratic footdragging. The even bigger picture is that PEMEX is in debt to the tune of anywhere from $100 billion to $160 billion, and that is increasing. They don't have money to drill and explore. They need partnerships. They need the oil to flow. Going back to the old way--completely abandoning this privitazation (which is still in its embryonic stage), is probably not going to happen. If PEMEX collapses, so does the Mexican economy. One has to believe that the larger economic imperatives will eventually force the bureacracy of PEMEX to submit, but boy will they fight. PEMEX employs 150,000 people, and many of them are redundant. Bureacrats are savvy survivalists! But the situation is so bad, and the need to attract foreign investment is so dire, that I am betting these deals will happen, if only in fits and starts.