Friday, December 13, 2013

Mexican states rush to endorse PEMEX reforms

State assembly ratification process moves like wildfire - 7 down, 10 to go

Guadalajara -
Late Tuesday evening Mexico's Senate opened the door to private investment and foreign participation in Petróleos Mexicanos (PEMEX), the state controlled oil monopoly, and less than 24 hours later the lower federal chamber, the Cámara de Diputados, did the same. The aggregate vote in the two houses was 449-162, almost a three to one legislative majority.

The PEMEX reforms, which are constitutional in nature, then moved to the legislatures of Mexico's 31 states and one Federal District. As of this evening, 48 hours after approval by the national congress, the following state assemblies have already ratified the reforms: Chiapas (the first to do so) by a vote of 32-4; Querétaro, by a vote of 23-2; Veracruz, by a vote of 39-0; Baja California Sur, by a vote of 10-5; Hidalgo, by a vote of 22-7; Edomex (the State of Mexico, just beyond the nation's capital) by a vote of 57-15; and Durango, by a vote of 26-2.

The entire state ratification process is likely to be completed well before the Christmas assembly recesses. Under article 135 of Mexico's federal constitution, a simple majority of the states (17) must approve the PEMEX amendments before they can be signed into law by the president of the Republic.

Dec. 20 - PEMEX reforms are now officially the law
Dec. 16 - San Luis Potosí puts PEMEX reforms over the top
Dec. 15 - Jalisco and all of Yucatán peninsula approve PEMEX reforms
Dec. 12 - Exit Stage Left: PRD says "The Pact for Mexico is dead"
Dec. 11 - Mexico's Chamber of Deputies wastes no time, approves PEMEX reforms
Dec. 11 - Mexico's PEMEX enters the 21st century, as senators open the door to foreign expertise and private capital
Dec. 10 - Mexican leftists go to court to stop PEMEX reforms
Dec. 8 - PEMEX amendments are on the legislative "fast track"

© MGRR 2013. All rights reserved. This article may be cited or briefly quoted with proper attribution or a hyperlink, but not reproduced without permission.

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