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Mexico: Government preps to negotiate with oil giants

 |  August 7, 2014

As Mexico looks to revamp its struggling state-run oil industry, reports say Congress has finished new policy plans to strike joint ventures with the world’s largest oil conglomerates.

According to an unnamed senior government official, Congressed finalized the plans Wednesday night and approved proposed legislation that would implement reform to end long-standing monopolies.

State-run oil group Pemex and power company CFE have stood as monopolies for decades, say reports, but will now be open for foreign investment.

According to reports, energy officials will soon announce which assets Pemex will retain and which assets will be available for investment by other major oil companies.

The news means officials are about a month ahead of schedule in their overall plan to overhaul the industry.

Full content: Reuters

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