Mexican lawmakers approve energy reform provisions

Mexico’s Senate has given its final approval to legislation that seeks to reform the country’s oil sector by attracting private investment.

The Tuesday vote cleared the backbone of the plan to implement a larger reform package approved in December, Reuters reported.

{mosads}The law ends a 75-year-old oil monopoly held by state-owned oil company Pemex, whose output has fallen in recent years.

It’s part of an effort spearheaded by President Enrique Peña Nieto to overhaul Mexico’s energy sector. Leaders hope to reduce energy prices, largely through opening markets to private investment.

Lawmakers will debate the remaining energy reform bills this week, Reuters said.