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Mexico unveils historic plan to open oil industry

Tuesday, August 13, 2013


Mexican President Enrique Peña Nieto on Monday unveiled a historic proposal to let foreign companies take part in Mexico's state-run oil industry.

The proposal, which the president hopes will yield a long-term economic payoff, would change the nation's Constitution so that private companies could partner with the state monopoly Pemex and share profits.

But the plan instantly came under attack, both from leftists who fear it threatens the nation's patrimony and from those on the right who believe it doesn't go nearly far enough.

Source: Los Angeles Times