BY DOLIA ESTEVEZ
The Mexican Senate approved the most far-reaching oil reform in 75 years on Tuesday, opening up Mexico’s $95 billion-a-year oil industry to private capital. In a building ringed by thousands of security forces, the ruling PRI party and the opposition PAN voted to pass the politically controversial reform, overriding the strong opposition by the leftist PRD party lawmakers who displayed a gigantic banner in the center of the hall reading: “NO TO PEMEX’S PRIVATIZATION.” Pemex is Mexico’s state-own oil monopoly.
“The historical significance of the reform is enormous. This is a paradigm shift in the Mexico hydrocarbons sector, with a meaningful role for the private sector permitted for the first time since the 1930s,” Duncan Wood, President of the Woodrow Wilson Center’s Mexico Institute, told me.