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Mexican president signs landmark energy reform bills

Mexican president Enrique Pena Nieto shows the signed documents of the new law of energy, in Mexico City, on August 11, 2014Mexican President Enrique Pena Nieto signed a package of landmark energy reform bills, ending the 76-year-old state monopoly on oil drilling and reopening the sector to foreign companies. “This represents a historic change that will accelerate the economic growth and development of Mexico in the coming years,” the president told hundreds of guests at a ceremony in the capital. The signing comes five days after the Mexican Senate gave final approval to the laws, the centrist leader’s most ambitious political project and the centerpiece of his efforts to kick-start Latin America’s second-largest economy. Pena Nieto argues the nine new laws and 12 amendments will fuel growth, create jobs and modernize state energy firm Pemex, whose oil production has fallen from 3.4 million barrels per day in 2004 to 2.5 million today.

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