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Mexico presents first draft of oil reform

Proposal permits private involvement in the oil industry, but maintains Pemex’s oil monopoly.

Mexican President Enrique Peña Nieto took on Mexico’s political “third rail” on Monday, proposing a long-awaited reform to the country’s energy sector. The proposal will modify key articles of the Mexican Constitution to permit foreign involvement in parts of the country’s energy sector - such as refining, transportation, and production – as well as introducing a fiscal reform of state-oil company Pemex.

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