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Mexico's foreign reserves rise by $893 mn

Mexico City, Dec 25 (EFE).- Mexico's foreign reserves rose by $893 million last week to $176.55 billion, the Bank of Mexico said. The rise in reserves was caused by a sale of dollars by state-owned oil giant Petroleos Mexicanos, or Pemex, to the central bank, with the transaction totaling $1 billion, monetary officials said in a statement. Foreign reserves grew by $13.03 billion from Jan. 1 to Dec. 20, the central bank said.

Mexican president signs law opening oil industry

Mexico's President Enrique Pena Nieto signed a controversial law Friday opening the country's oil industry to foreign investment for the first time since it was nationalized in 1938. Pena Nieto approved the bill after it passed Congress and a majority of Mexican states voted to ratify it. He called the measure "one of the most transcendent bills in the past half-century," arguing that it has the potential to radically and quickly improve Mexico's economic fortunes.

Peña Nieto signs Mexico energy-overhaul bill

Mexico City, Dec 20 (EFE).- President Enrique Peña Nieto signed an energy-overhaul bill here Friday that amends Mexico's constitution to allow private companies to develop crude reserves for the first time since 1938. The signing ceremony took place at the National Palace and was attended by legislators and high-ranking officials. The overhaul still must be published in the official gazette and will take effect a day later, although secondary legislation related to the constitutional changes remains pending.

Peña Nieto signs Mexico energy-overhaul bill

Mexico City, Dec 20 (EFE).- President Enrique Peña Nieto signed an energy-overhaul bill here Friday that amends Mexico's constitution to allow private companies to develop crude reserves for the first time since 1938. The signing ceremony took place at the National Palace and was attended by legislators and high-ranking officials. The overhaul still must be published in the official gazette and will take effect a day later, although secondary legislation related to the constitutional changes remains pending.

Mexican president signs law opening oil industry

Mexico's President Enrique Pena Nieto Friday signed a controversial law opening the country's oil industry to foreign investment for the first time since it was nationalized in 1938. Pena Nieto signed the law at a ceremony in the National Palace after a majority of Mexican states voted to ratify it. The reforms are aimed at attracting foreign investment with profit- and production-sharing contracts that would break the 75-year-old oil monopoly held by state oil company Pemex. They have sparked protests on the left, which called the legislation a national betrayal.

Mexican energy overhaul nearly ready to become law

Mexico City, Dec 19 (EFE).- Mexico's sweeping energy-overhaul bill is nearly ready to become law after being declared constitutionally valid by Congress' Permanent Commission. "Articles 25, 27 and 28 of the constitution ... in the energy area are declared reformed ... (the bill) now goes to the executive branch for constitutional effects," Ricardo Anaya, the president of the Permanent Commission, which stands in for Congress during periods of recess, said Wednesday.

Mexico expects private investment in oil industry in 2-3 years, Pemex says

Madrid, Dec 17 (EFE).- The energy industry overhaul approved in Mexico will attract private investment to the oil industry throughout 2014, which will allow it "to make a difference in two or three years," Petroleos Mexicanos, or Pemex, executive Carlos Roa said Tuesday. The first half of 2014 will be spent "completing the regulatory part," while the second half will see "conversations with some interested organizations, either acting on their own" or in collaboration with Pemex, Roa said in an interview with Efe.

Mexico's president says he will enact energy reform soon

MEXICO CITY (Reuters) - President Enrique Pena Nieto said on Monday he would soon enact a sweeping overhaul of Mexico's ailing energy sector which is aimed at boosting growth in Latin America's No. 2 economy. The reform, which changes the constitution to allow private companies to operate independently or partner with state oil giant Pemex via new types of contracts, won approval from a majority of Mexican states on Sunday, after a tense debate in Congress.

States give Mexico's energy industry overhaul the green light

Mexico City, Dec 16 (EFE).- Seventeen of Mexico's 32 states have approved the energy industry overhaul passed by Congress as of Monday, allowing the measure to take effect. The San Luis Potosi state legislature approved the energy industry overhaul early Monday with the votes of lawmakers from the Institutional Revolutionary Party, or PRI, and the Green Party.

Pemex to build 5 vessels at Spanish shipyard in 2014

Vigo, Spain, Dec 16 (EFE).- Petroleos Mexicanos, or Pemex, plans to build a tuna fishing boat, three tankers and a supply ship in 2014 at the Barreras shipyard in Vigo, a city in the northwestern Spanish region of Galicia, spending a total of 300 million euros (about $410 million) on the vessels, a high-level executive with the Mexican state-owned oil giant said Monday. Carlos Roa, Pemex's No. 2 executive, made the announcement during a ceremony in Vigo to mark the Mexican company's assumption of control of the Spanish shipyard.
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