Mexican president denies privatizing Pemex

MEXICO CITY - Mexican President Enrique Pena Nieto on Sunday rejected accusations that his government sought to privatize the state oil giant Mexican Petroleum (Pemex).

In a ceremony to commemorate Pemex's 75th anniversary, he said "neither will Pemex be sold, nor will it be privatized", adding that the company will continue to be a property of all Mexicans.

Pemex "is not on sale because it is a symbol of progress and national identity," he said.

Pena Nieto's remarks were seen as defending his administration from accusations of left-wing leaders that it planned to privatize Pemex, the only company that can carry out oil refining in Latin America's second-biggest economy.

In early March, Mexico's ruling party changed its platform to allow for private investment in the oil industry.

The president, however, said Pemex would be "modernized and transformed" to boost its competitiveness and efficiency.

Moreover, "green growth" will be promoted in a bid to fight against climate change, Pena Nieto said.