1996-10-24 Local Press - Private Sector Supports Petrochemical Plan
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Private Sector Supports Petrochemical Plan
After initially balking at the government's plan to maintain control over 51% of Mexico's petrochemical plants (instead of fully privatizing them), the private sector came together to support the proposal. The leader of the Business Coordinating Council, Rector Larios Santillan, admitted that originally there "had been a negative perceptiont" of the changes, but that now the members of his association don't think that this reflects back-peddling oil the privatization.
Meanwhile, pro-business National Action Party (PAN) suggested that if the private sector is hesitant to get involved in minority ownership ofthe plants, a mass (partial) privatization can be carried out like those that have been done in Russia and the Chech Republic, to sell shares of the company to individual Mexicans. (El Financiero, 17 October).