Petroleos Mexicanos

Petroleos Mexicanos, known worldwide as Pemex, is a Mexican state-owned petroleum company headquartered in Mexico City, wholly owned by the Mexican government. It was created in 1938 following the nationalization of Mexico's foreign-owned oil industry under President Lazaro Cardenas, an event still commemorated annually in Mexico as Oil Expropriation Day on March 18. Pemex is one of the largest oil companies in the world by production and controls essentially all of Mexico's upstream oil and gas activity, alongside refining, petrochemicals and fuel distribution. The company has carried substantial financial debt in recent decades even as it remains central to Mexican national energy policy and government revenue.