Petróleos Mexicanos

On March 18, 1938, President Lázaro Cárdenas decreed the oil expropriation, nationalizing the foreign oil companies operating in Mexico after they refused to comply with a labor ruling. Shortly afterward he created Petróleos Mexicanos (PEMEX), the state-owned company that took over the exploration, production and refining of the country’s oil.

The expropriation is remembered as a landmark act of national sovereignty, and March 18 is still commemorated every year. PEMEX remains one of the most important companies in Mexico.