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Nieto’s Party Lights Fuse for Mexican Energy Boom

Mexico’s ruling Institutional Revolutionary Party (PRI) lived up to its name on Sunday when nearly 5,000 party members unanimously voted to pave the way for key reforms to the country’s sluggish state-run energy industry. The FT reports:

Institutional Revolutionary party (PRI) members convened for their national assembly agreed on Sunday to open the possibility of creating a bigger role for private investment in the protected energy sector…

The idea is to blow open Mexico’s resource-rich but underdeveloped oil and gas sector in a way that could attract tens of billions of dollars in private investment in the coming years.

President Peña Nieto has only been in office for three months, but he has already developed a strong track record of reform. Last week he had an influential teacher’s union boss arrested just a day after passing historic education reforms. Next up are reforms to Mexico’s state-run energy industry, which has stagnated recently despite Mexico’s wealth of oil and natural gas. The steps taken by the PRI on Sunday have cleared the way for these reforms to move forward this summer.

Mexico’s future continues to look brighter.

[Image of President Nieto at 2010 WEF courtesy of Wikipedia]

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