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Mexico leader seeks to break oil monopoly

Tuesday, August 6, 2013

Mexican President Enrique Peña Nieto will seek to amend three articles of the constitution to break Pemex’s monopoly in the state-run oil industry.

Peña Nieto will propose production-sharing contracts for oil exploration and output.

The overhaul would be the biggest change for the industry since 1938, when then President Lázaro Cárdenas seized oil fields from British and U.S. companies and changed Mexico’s charter to assert control over its energy resources.

Source: Bloomberg