Mexico's next president will honor existing oil contracts -official

Mexico’s next president will honor existing oil contracts -official

MEXICO CITY, Sept 27 (Reuters) – Mexico’s president-elect, Andres Manuel Lopez Obrador, assured private energy executives in a closed-door meeting on Thursday their contracts will not be canceled if they meet existing terms, the head of the country’s main oil producers’ association said.

Lopez Obrador, who has often expressed skepticism of private sector involvement in Mexico’s oil industry, met for the first time on Thursday with oil and gas executives, striking what was described as a diplomatic tone with them.

“The president-elect told us on various occasions that they will respect contracts so long as we obviously comply with all of the contracts’ commitments,” said Alberto de la Fuente, president of Mexico’s AMEXHI producers’ group, following the meeting with Lopez Obrador.

“We left feeling at ease that our contracts will be honored,” added De la Fuente, who also is head of Anglo-Dutch oil major Royal Dutch Shell in Mexico.

Set to become Mexico’s first leftist president in modern history when he takes office in December, Lopez Obrador did not speak to reporters following the closed-door event.

But his designated energy minister, Rocio Nahle, confirmed the incoming administration’s support for the contracts.

“We will respect the rule of law and the agreements that have been made with the outgoing government,” Nahle said.She said the Lopez Obrador administration also will help companies deal with any regulatory delays they face.“We made a commitment that we will talk to the regulators, or more to the point that we will review the regulators because there is a constant complaint that […]

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