Mexico's opposition PRI backs foreign investment in oil giant

01/15/2008 | Bloomberg

Mexico's largest opposition party supports President Felipe Calderon's plan to relax a 69-year-old policy of exclusive state control in the oil industry. The change would allow the state oil monopoly, Petroleos Mexicanos, to accept outside investment. Pemex needs help from outside companies for deep-water drilling and exploration, to build pipelines, and to expand refining.

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