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Parliament votes to sell off state oil monopoly Pemex

Mexico passes law opening up oil to privatisation

The Senate passed a Bill on Wednesday to open Mexico's nationalised oil monopoly Petroleos Mexicanos (Pemex) to foreign investment.
 
The ruling Institutional Revolutionary Party and its right-wing ally the National Action Party secured 95 votes for the measure, with 28 against.
 
The measure passed in the face of fierce opposition from the left-wing Party of the Democratic Revolution (PRD) and the Labour Party.
 
Opponents said that the Bill amounted to treason.
 
Just hours after it passed the senate, the house of deputies tried to open its own debate.
 
But before the debate began dozens of left-wing MPs seized control of the house, using chairs and tables to block access to the chamber in a failed attempt to block discussion of the measure.
 
"The homeland is not for sale - the homeland is to be defended," they shouted while holding protest signs and Mexican flags.
 
However, government allies moved to an adjoining room and commenced the debate, eventually voting 354-134 to give general approval to the Bill late on Wednesday.
 
The house continued its session into the early hours yesterday to debate hundreds of challenges to individual sections of the Bill.
 
Opposition MPs argued fiercely that Mexico's people should decide on such a big change.
 
"We want a referendum on this," said PRD congressman Alejandro Sanchez.
 
Private involvement in the industry had been prohibited since 1938, when president Lazaro Cardenas nationalised the industry to prevent foreign exploitation.
 

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