Mexico's opposition proposes own oil reforms

Mexico's largest left-of-center political party has proposed a plan that would revamp state-oil monopoly Pemex, but without amending the constitution.

The proposal of the opposition Party of the Democratic Revolution, or PRD, seeks to modernize Pemex by providing it with budget and management autonomy, and create a new fund to administer the nation's energy riches.

The proposal would also gradually lower the company's tax burden by 9 percent to 62.5 percent by 2018, freeing up more resources to invest in exploration and production activities.

Source: Reuters