Mexico Moves Closer to Opening Oil Sector to Foreign Investment
A measure to open up Mexico's state-controlled oil and gas sector to foreign investment was debated in various committees in the country's Senate on Sunday, Reuters reports.
The bill is expected to advance to the full Senate on Monday to be voted upon, as well as the lower chamber.
If passed, the proposal would open up oil and natural-gas production and exploration in Mexico to foreign companies, a potential boon for multinational investors and corporations who have until now been shut out of the country's oil and gas market.
The measure has the backing of Mexican President Enrique Pena Nieto, who believes it would spur economic development in a sluggish economy.
For the proposal to pass, it will have to overcome opposition from left-leaning members of Mexico's Party of the Democratic Regulation who do not believe the country's oil and gas markets should be opened up to outside investors.