Mexico's Peña Nieto wins party backing on oil reform

Mexico’s President Enrique Peña Nieto won support from his party to advance with his growth plan that includes ending a 75-year-old state monopoly on the oil industry.

Peña Nieto’s Institutional Revolutionary Party, known as PRI, voted yesterday at its national assembly to end its opposition to constitutional changes that would ease state-owned Pemex’s grip on the oil industry.

Peña Nieto hasn’t yet presented a bill proposing the changes and would have to win the votes in Congress, where his coalition controls 241 of 500 seats in the lower house.

Source: Bloomberg