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Mexican government to propose constitutional energy reform in August
July 24, 2013 / 10:04 PM / 4 years ago

Mexican government to propose constitutional energy reform in August

MEXICO CITY, July 24 (Reuters) - Mexican President Enrique Pena Nieto will present a constitutional energy reform to Congress in August, setting the stage for major new private investment in the oil sector, a top lawmaker said on Wednesday.

Pena Nieto has said he favors an overhaul of country’s closed energy industry in an effort to lure private capital and boost flagging oil and gas production.

David Penchyna, leader of the Senate’s energy committee and a member of Pena Nieto’s Institutional Revolutionary Party (PRI), said the proposal will seek to change the constitution to allow either concessions or risk-sharing contracts.

“We will have President Pena’s initiative in August,” said Penchyna. “We do believe that the initiative will have to contain constitutional changes,” he added.

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