Mexican Senate approves opening of oil sector, ending the Pemex Monopoly

August 7, 2014

Mexico's Congress approved a comprehensive energy reform that will break more than seven decades of state monopoly and dramatically expand the role of foreign and private companies in the country's oil and gas industry.

The package of new laws approved late Wednesday will now go to the desk of President Enrique Pena Nieto, who has made energy reform the cornerstone of his platform to expand Mexico's economy and to make the country a global competitor.

"Today we took a big step toward the future for Mexicans," Pena Nieto said via his Twitter account. "We will take better . . .

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