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Mexico’s PAN to Push Own Bill on Pemex Ahead of Pena Nieto

Mexico’s opposition National Action Party plans to present an energy bill seeking constitutional changes to open state-owned oil producer Petroleos Mexicanos to more competition and reverse eight years of falling output.

The plan to be presented July 31 would offer exploration and production concessions for private companies, said Gustavo Madero, the party’s president, who pledged to do “everything necessary” to win passage. The proposal would attract up to $30 billion in private investment, boost Mexican gross domestic product growth by as much as two percentage points annually and reserve majority control of projects for Mexican investors, other officials from the PAN, as the party is known, said today at a news conference.