Mexican president signs law opening oil industry
AFPMEXICO CITY--President Enrique Pena Nieto signed a controversial law Friday that opens Mexico's oil industry to foreign investment for the first time in 75 years.
December 22, 2013, 12:01 am TWN
The bill, which modifies three articles of Mexico's constitution, is aimed at attracting foreign investment with profit and production sharing contracts.
The measure breaks a monopoly that the state oil company, Petroleos Mexicanos (Pemex), has held since 1938.
This is “one of the most transcendent bills in the past half-century,” Pena Nieto said, arguing that it has the potential to lead to fast economic growth and create jobs for Mexican engineers and technicians.