Mexican accord on gas pricing reached between Pemex, users

The Mexican government early last week reached an agreement with private industrial customers to resolve a dispute over a spike in natural gas pricing.Reflecting higher prices in the US, state-owned Petroleos Mexicanos has, in recent months, sharply boosted natural gas prices to its customers. After a series of layoffs and operations curtailments in response to the sharply higher gas prices, industrial gas consumers, notably in northern Mexico, had called for intervention by new Mexican Pres. Vicente Fox (see related story, p. 18).The agreement generally entails that Pemex would pass on to industry the benefits of its gas price hedging coverage and would for 3 years charge customers a fla...

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