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Mexico passes energy sector reforms

Thursday, August 7, 2014

Mexican lawmakers gave final approval to rules for awarding private oil contracts in the country for the first time since 1938.

Three months past its own deadline, the Senate passed the final measure with a vote of 78 in favor and 26 against to implement the constitutional overhaul approved in December ending Petróleos Mexicanos’s exclusive right to crude production.

The entrance of foreign producers such as Exxon Mobil and Chevron will bring in $50 billion of annual private investment by 2020, according to Grupo Financiero Banorte.

Source: Bloomberg