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Mexico: Constitutional change could break oil monopoly

 |  December 13, 2013

While oil is the source of pride for Mexico’s economy, reports say President Enrique Pena Nieto is looking to open up the nation’s monopoly Pemex to outside companies.

According to reports, the law would allow companies to partner with Pemex for oil and natural gas drilling, or to do so on their own. The move would open up Mexico to nondomestic companies who were kicked out of the nation 75 years ago when the nation took control of the industry. Reports say President Nieto’s law could be the largest economic shift for the nation in 20 years.

The bill has already passed congressional clearance, which occurred last week. Officials say the goal of opening the market up is to place Mexico on the developed level of oil exploration.

Full Content: New York Times

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