Thursday, October 2, 2014   

Mexico Congress approves landmark oil reform
(08-07 14:21)

Mexico's Congress gave final approval Wednesday to a historic energy reform that will break the 75-year-old state monopoly on oil drilling and invite foreign companies back to the country.

After a heated marathon debate, the Senate voted 78-26 for the package of bills that will overhaul a sector that has struggled to reverse declining production under the state-run Pemex company.

The legislation, which was already approved by the lower house of Congress, now goes to President Enrique Pena Nieto, who said he would sign it into law in the coming days.

The reform is the centerpiece of Pena Nieto's reform drive to breathe new life into Latin America's second biggest economy. --AP   
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