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.