Mexican president signs law opening oil industry
December 22, 2013, 12:01 am TWN
MEXICO 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.
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.