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Pena Nieto Party Opens Door to End Pemex Monopoly in Mexico

Mexico’s ruling party took today the first step to back President Enrique Pena Nieto’s plan to end a 75-year-old state monopoly on the oil industry.

The president’s Institutional Revolutionary Party, known as PRI, voted today at its national assembly to end its opposition to constitutional changes that would ease state-owned Petroleos Mexicanos’s grip on the oil industry. Pena Nieto hasn’t yet presented a bill proposing the changes and would still have to win the votes in Congress, where his coalition controls 241 of 500 seats in the lower house.