MEXICO CITY Aug 2 Mexico's lower house of
Congress passed early on Saturday the last package of bills
needed to implement a landmark energy reform, moving the reform
one step closer to final approval.
Following a marathon three-day extraordinary session,
lawmakers made minor changes to bills setting out fiscal terms
of the reform, returning the legislation to the Senate for final
passage next week.
The reform championed by President Enrique Pena Nieto ends
the monopoly on crude oil production enjoyed by state-run
company Pemex and promises to lure international oil majors like
BP and Exxon Mobil back to Mexico after the
assets of their corporate forerunners were expropriated in 1938.
The so-called secondary legislation needed to flesh out the
constitutional reform passed late last year includes some 30
bills setting out contractual and regulatory terms of the
The bills passed on Saturday include a provision allowing
the federal government to absorb a portion of the roughly 1.7
trillion peso ($129 billion) pension liabilities shouldered by
Pemex and national electricity company CFE
in a bid to improve the post-reform financial health of both.
($1 = 13.1878 Mexican Pesos)
(Reporting by David Alire Garcia; Editing by Gareth Jones)