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Mexico moves to open oil resources to foreigners
Source: BBC
11 December 2013 Last updated at 20:24 GMT
Mexico moves to open oil resources to foreigners
Mexico's Senate has approved a measure to open the state-run oil fields to foreign investment for the first time in 75 years.
The measure would let private firms explore and extract oil and gas with state-run firm Pemex, and take a share of the profits.
It now moves to the lower house to be voted on, where it is expected to pass.
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Mr Pena Nieto said it was necessary to modernise Mexico's energy sector and increase oil production, which has dropped from 3.4 million barrels per day in 2004 to the current rate of 2.5 million barrels per day.
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Read more: http://www.bbc.co.uk/news/business-25341887
Mexico moves to open oil resources to foreigners
Mexico's Senate has approved a measure to open the state-run oil fields to foreign investment for the first time in 75 years.
The measure would let private firms explore and extract oil and gas with state-run firm Pemex, and take a share of the profits.
It now moves to the lower house to be voted on, where it is expected to pass.
[font size=1]-snip-[/font]
Mr Pena Nieto said it was necessary to modernise Mexico's energy sector and increase oil production, which has dropped from 3.4 million barrels per day in 2004 to the current rate of 2.5 million barrels per day.
[font size=1]-snip-[/font]
Read more: http://www.bbc.co.uk/news/business-25341887