Mexican Congress allows foreign investment in oil giant PEMEX
Posted on Oct 28, 2008
in Mexican Politics, Mexico Today by PMC
<h4>Lawmakers defy AMLO leftists protesting measures supporters say will overhaul industry as production declines</h4>
Ignoring thousands of left-wing demonstrators. lawmakers Tuesday and passed constitutional reforms aimed at allowing foreigners limited investment in Mexico’s vulnerable petroleum industry.
After debating over the protests of leftist legislators who had taken over the podium in the Chamber of Deputies, the lawmakers passed the measures 395-82.
“With this reform the national economy wins; all Mexicans win,” President Felipe Calderon said in a nationally televised message several hours after the vote. “And it’s particularly important that Mexicans have reached agreement at a time when the world economy goes through a particularly adverse situation.”
The reforms approved Tuesday will strengthen the authority of the director-general of the national oil company, Pemex, and its board and will set up new oversight committees of a company that some critics have characterized as corrupt and inefficient.
The measures also will create a plan for performance bonuses for drilling and production contractors and will permit Pemex to sell bonds to the public, according to George Baker, a Houston analyst who specializes on Mexico’s energy industry. Private companies will not be allowed to invest in oil refining.
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Tags: Mexico Congress, Pemex
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