facebook
twitter
rss
account
search
search
 

Mexico clears energy hurdle, opens sector to private investors

Measure a victory for President Enrique Peña Nieto.
By Daniel J. Graeber   |   Aug. 7, 2014 at 9:24 AM   |   Comments

Leer en Español
| License Photo
MEXICO CITY, Aug. 7 (UPI) -- Mexican legislators cleared the way to open the nation's energy sector, a move President Enrique Peña Nieto has said is necessary for economic reform.

Mexican lawmakers in a late Wednesday session put the final touches on legislation aimed at drawing international energy companies into the nation's energy sector. The move opens Mexico up to private investors after more than 70 years under a monopoly controlled by state-run Petroleos Mexicanos, or Pemex.

The legislation is a victory for Peña Nieto, who came to power in 2012 with promises of sweeping economic reform.

Mexico's president is struggling to overhaul a sagging energy sector. His government set a goal of producing 3.5 million barrels of oil per day by 2025, which would be a 40 percent increase from 2013 levels.

The oil sector accounted for 13 percent of the country's export earnings last year. The country, a top 10 oil producer, had an estimated 10 billion barrels of proven oil reserves as of 2013.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Navy tests MQ-8C unmanned helos Navy tests MQ-8C unmanned helos
2
FBI arrests Google employee accused of nude photo scam FBI arrests Google employee accused of nude photo scam
3
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
4
Harris selected for geospatial data products Harris selected for geospatial data products
5
Sweden plans to replace its Defense and Security Export Agency Sweden plans to replace its Defense and Security Export Agency
Trending News
Around the Web
x
Feedback