Mexico to finally end energy monopoly

The Mexican government is poised to finally open their energy industry to foreign investment, but in order to do so, they’ll have to amend their constitution first.

According to a board member for Petroleos Mexicanos, a government owned Oil Company, the country needs “very deep” legislative reform in order to attract private equity investments in crude and natural gas fields.  The proposed legislative is set to take effect by this Fall, claims Hector Moreira, a former official in Mexico’s Energy Ministry.

The Institutional Revolutionary Party - Mexico’s ruling party - is in the position to open the energy industry to foreign investment. Theoretically, this should stimulate domestic growth – an essential step to ensuring a stable and sustainable future for the region’s second-largest economy.

Representatives from Grupo Financiero Banorte and JPMorgan Chase & Co. are optimistic that President Enrique Pena Nieto will take the necessary steps to ensuring that the legislation passes.

“This administration doesn’t only have the willingness, but the political power and political capital to enact the changes,” says Gabriel Casillas, Banorte’s chief economic advisor.

A sluggish economy is putting added pressure on President Pena Nieto. Analysts predict that the proposed legislation and heightened taxes will boost the economy 6%.

Obviously, the world is slowly transitioning away from centralized energy infrastructures to independent, diverse, and interconnected alternatives.

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