Mexico Energy Bill to End Pemex’s Monopoly on Oil

Energy -electricity_transmission_linesThe Wall Street Journal, 12/7/2013

Mexico’s government and the main opposition party sealed a historic deal Saturday to open up the energy sector to competition, ending a 75-year-old monopoly of state-owned oil firm Petróleos Mexicanos, according to the final draft of the energy bill agreed upon by the two sides.

Mexico’s Congress is expected to pass the bill, which has been months in preparation, in the coming week.

The changes include amendments to three key articles of the Mexican constitution—25, 27 and 28—which form the legal core of the country’s nationalistic oil laws. The ruling Institutional Revolutionary Party, or PRI, and the conservative National Action Party, or PAN, combined have sufficient votes in both houses of Congress to secure the two-thirds majority needed to change the constitution.

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