Mexico Begins Debate On Massive Oil Overhaul

From BUSINESS INSIDER

Mexico’s senate began discussions Tuesday on enabling legislation to implement historic constitutional reform opening the country’s oil industry to foreign investment for the first time since 1938.

President Enrique Pena Nieto had already signed the controversial measure after it was approved by Congress and ratified by a majority of states, but lawmakers must now pass “secondary” laws to implement it.

That process began Tuesday with the energy and legislative affairs committees holding an extraordinary session on the basis of a draft drawn up by two of the country’s leading parties, the Institutional Revolutionary Party (PRI) and the conservative National Action Party (PAN).

Foreign oil giants are keen to get a glimpse of the legislation because it will detail how the contract system will work.

But a third party, the left-wing Democratic Revolution Party (PRD), vehemently opposes the reforms and issued a statement Tuesday reiterating its stance.

Read more: http://www.businessinsider.com/mexico-wants-to-open-the-countrys-oil-industry-to-foreign-investment-2014-6#ixzz34LfrU7C5

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