Mexican President Proposes Opening Energy Sector to Foreign Investment

"MEXICO CITY — President Enrique Peña Nieto of Mexico on Monday, pushing one of the most sweeping economic overhauls here in the past two decades, proposed opening his country’s historically closed energy industry to foreign investment."

"The president’s plan, which would rewrite two constitutional amendments, challenges a bedrock assumption of Mexico’s national identity — its total sovereignty over its energy resources — by inviting private companies to explore and pump for oil and natural gas.

Mr. Pena Nieto’s goal, like those of presidents before him, is to recharge Mexico’s economy by tackling areas that analysts agree hinder its expansion, which has averaged just 2.2 percent a year since 2001, according to the Organization for Economic Cooperation and Development."

Elisabeth Malkin reports for the New York Times August 12, 2013.

Source: NY Times, 08/13/2013