Mexico President Enrique Pena Nieto formally proposed a plan on Aug. 12 to reform the country's oil and gas sector as a way to stimulate foreign investment. The proposal would modestly amend the national constitution to permit such investments, but retain national ownership of the resources.
"We are facing a historical opportunity to change what has been preventing the country from moving forward," Pena Nieto said as he submitted his plan to the national congress. State oil firm Petroleos Mexicanos (Pemex) will not be privatized or sold, he emphasized.
The company would be restructured into two divisions—dealing with exploration and production, and industrial reform. It would tr...