Mexican President signs landmark energy reform
Published on Aug 12, 2014 4:39 AM
MEXICO CITY (AFP) - Mexican President Enrique Pena Nieto signed a package of landmark energy reform Bills on Monday, ending the 76-year-old state monopoly on oil drilling and reopening the sector to foreign companies.
"This represents a historic change that will accelerate the economic growth and development of Mexico in the coming years," the President told hundreds of guests at a ceremony in the capital.
The signing comes five days after the Mexican Senate gave final approval to the laws, the centrist leader's most ambitious political project and the centerpiece of his efforts to kick-start Latin America's second-largest economy.
Mr Pena Nieto argues the nine new laws and 12 amendments will fuel growth, create jobs and modernise state energy firm Pemex, whose oil production has fallen from 3.4 million barrels per day in 2004 to 2.5 million today.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!