Mexico’s Senate has made history by approving legislation that will make the country’s oil and gas industry open to foreign investment for the first time since 1938.
The historic reform is the last of four sets of laws created to end the monopoly that state owned Pemex has had for the past 75 years in the energy sector.
These new reforms lay out a set of rules for Pemex and the Federal Electrical Commission to “function as productive state enterprises” with autonomy.
Many argued that by opening the oil and gas industry up it could result in the country being stripped of its natural resources, but experts are confident the reform will boost oil production and modernise the industry itself which has seen significant drops over the past decade.
The government has also emphasised the overall benefit and impact the new reform will have on the country, namely lowering energy costs and creating jobs.