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Mexico presents first draft of oil reform

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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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