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Committees in Mexico's lower house pass energy reform bills
July 26, 2014 / 10:57 PM / 3 years ago

Committees in Mexico's lower house pass energy reform bills

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Mexico's President Enrique Pena Nieto applauds after the signing of agreements at the second day of the 2014 Alianza del Pacifico (Pacific Alliance) political summit in Punta Mita in the Nayarit region, in the West Coast of Mexico, June 20, 2014.Jorge Dan Lopez

MEXICO CITY (Reuters) - Committees in Mexico's lower house on Saturday approved laws fleshing out a landmark energy reform that seeks to drive private investment into the long-shuttered sector.

The so-called secondary laws, which detail the implementation of the constitutional energy reform passed last year, will head to the floor of the lower house, where lawmakers will debate them beginning on Monday.

If they are fully approved in the lower house, some of the secondary laws will head to the Senate for final approval.

The laws passed in committees on Saturday create a new tax framework for Pemex, guidelines for contracts and tax benefits for states where extraction occurs, among other things.

Pledging to reverse a decade of falling oil and gas output, President Enrique Pena Nieto pushed through a reform in December 2013 ending state oil company Pemex's [PEMX.UL] 75-year oil and gas monopoly, and opening the industry up to private capital.

Reporting by Noe Torres; Editing by David Gregorio

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