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Mexico set to revamp oil monopoly this week

Tuesday, November 19, 2013


The fight to revamp Mexico's moribund, state-run oil industry could start as early as this week with a Senate proposal to allow private access to the country's oil.

Legislators from the two parties supporting an oil overhaul say they support constitutional changes to allow the government to grant licenses and share oil and profits with multinational giants such as Exxon or Chevron.

The anticipated proposal would go much further than the plan introduced by President Enrique Pena Nieto in August, which would have allowed the sharing of profits but not of oil.

Source: Fox News Latino