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December 23, 2013

Mexican President Signs Bill Opening Oil Sector to Foreign Firms 
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Mexico's president has signed an energy reform bill allowing foreign
companies to drill for oil in Mexico for the first time in 70 years. A
recent poll showed more than two-thirds of Mexicans opposed opening the
oil and gas sector to private investment, a move that required amending
the constitution. But President Enrique Peña Nieto signed the bill into
law on Friday.

President Enrique Peña Nieto: "This reform will strengthen national
sovereignty and increase Mexico's energy security. With this decision,
we could exploit abundant deposits of hydrocarbons for the benefit of
Mexicans, which up to now have not been profitable for Pemex, or we
haven't had access as they're in deep waters or in shale gas."

Mexico's PRD party has vowed to undo the law through a referendum in
2015.

 

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