Mexico proposes allowing private firms into oil industry

Global News

MEXICO CITY – Mexican President Enrique Pena Nieto is proposing the end of a decades-old ban on private companies investing in the state-run oil industry, a cornerstone of Mexico’s national pride.

The reform that the ruling party outlined Monday proposes risk-sharing with private companies, a measure long prohibited by the country’s constitution.

Mexico’s largest leftist party says it won’t support constitutional changes but the ruling Institutional Revolutionary Party and conservative National Action Party have enough votes to secure the needed two-thirds Senate majority to pass the reforms. They also could do the same with a small party’s support in the Chamber of Deputies.

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