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Mexico set to implement historic oil reform

View of a tank with processed oil at Mexican state-owned petroleum company PEMEX refinery in Tula, Hidalgo state, Mexico on March 8, 2011Mexico moved a step closer Wednesday to implementing a historic energy reform that will open the state-controlled sector to foreign investment for the first time since 1938. The Senate voted 90-27 to give preliminary approval to the enabling laws that will break the monopoly held by state-run energy giant Pemex since foreign companies were kicked out of Mexico 75 years ago. The senators were expected to vote later Wednesday on the last details of legislation, which is the centerpiece of President Enrique Pena Nieto’s reform drive to breathe new life into Latin America’s second biggest economy. The lower house already approved the energy bills, which will head to Pena Nieto’s desk for his signature if the Senate votes for all of it without changes.

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