Pemex
In short
Pemex is the state-owned petroleum company owned and managed by the Mexican government. It was created in 1938 after the government took control of all private oil companies in the country.
In plain words
This is a massive company that handles Mexico's oil and gas. It finds, pumps, and sells fuel to help run the nation's economy. It is a major symbol of Mexican pride and independence.
A simple example
When you buy petrol at a station in Mexico, it may have been produced and refined by Pemex.
Why it matters
The company provides a huge portion of Mexico's national income and energy supply. However, it also faces challenges with high debt and environmental pollution levels.
Easy to mix up
Do not confuse it with Petrobras, which is the state-owned oil company of Brazil.