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Mexico Passes Final Rules to Open Oil Industry to Private Firms

Mexican lawmakers gave final approval to rules for awarding private oil contracts in the country for the first time since 1938.

Three months past its own deadline, the Senate yesterday passed the final measure with a vote of 78 in favor and 26 against to implement the constitutional overhaul approved in December ending Petroleos Mexicanos’s exclusive right to crude production, now in its 76th year. The legislation clears the way for President Enrique Pena Nieto next month to present a budget that balances additional potential revenue from taxes on private drillers with reduced dependence on income from Mexico City-based Pemex.