Mexico's petrochemical privatization in doubt

01/25/1999
Further doubt is looming for Mexico's planned privatization of the state-run Morelos petrochemical complex. Mexico is slated to reveal on Feb. 19 the winning bid in the sell-off of a 49% stake in the plant, but the Energy Secretariat has announced that iti will give the winner an extra week to form an alliance with other companies to complete the purchase. The extension suggests that the two Mexican companies registered in the bidding, Alpek and Idesa, have thus far had difficulties finding partners to form bidding groups in the highly-questioned minority privatization process (OGJ, Sept. 21, 1998, p. 44). Under the bidding rules, foreign companies may take only a 49%...
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