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Mexico Senate Approves Energy Bill Decried as Treason

Mexico’s Senate approved additional legislation to help open the country’s energy industry to private companies for the first time in more than seven decades, a move decried as treasonous by opponents.

The Senate voted 91 to 27 today to approve a bill that sets a framework for oil and national gas contracts for companies entering the country such as Chevron Corp. and Exxon Mobil Corp. The landmark legislation opens the state-run crude monopoly held by Petroleos Mexicanos since 1938. Three other proposals that will open the electricity industry and set guidelines for state-owned companies will be discussed today and over the weekend. A final vote after all challenges to the four bills have been discussed may occur on July 21, Senator David Penchyna said.