México Projects Part II: Off to the Races!

On December 12, 2013, Mexico’s Federal Congress passed historic Constitutional reforms opening both the oil and gas and electricity sectors to private investment. Within 96 hours, the required 16 state legislatures affirmatively supported the amendment. The decree was published December 20, 2013 and became effective on December 21, 2013. As a follow-on to our client alert “México Projects: Get Ready, Get Set . . .,” this alert summarizes the key changes in the decree.

The energy reform is an historic accomplishment of the Mexican government. Following a 75-year monopoly by Petróleos Mexicanos (PEMEX) in the oil and gas sector, and the effective monopoly of Comisión Federal de Electricidad (CFE) in the electricity sector, the reforms terminate such constitutionally mandated arrangements in favor of open, transparent and competitive (and regulated) markets.

Please see full memo below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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