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Mexican Oil Rush Is On as Ex-President Gets Black Gold Fever

Mexican companies are racing to be first in line to invest in the country’s energy industry even before lawmakers pass final legislation that would end a 76-year state monopoly.

Alfa SAB, owner of Mexico’s largest petrochemicals producer, sold $1 billion of bonds yesterday to help fund its energy business and refinance debt. State-owned Comision Federal de Electricidad plans to take advantage of the legal changes to sell natural gas, Chief Executive Officer Enrique Ochoa said at the Bloomberg Economic Summit in Mexico City yesterday. Former President Vicente Fox is creating a fund that aims to raise $500 million to invest in the country’s oil and power sector.