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Mexico Energy Secretary Pedro Joaquín Coldwell

Mexico released a package of 21 laws for the oil and gas sector, the first reforms in more than 75 years.

Energy Secretary Pedro Joaquín Coldwell said eight new and 13 modified laws included provisions to give priority to national companies where they offered the same terms as foreign rivals.

State-owned Pemex will have a mandatory 20 per cent stake in any cross-border fields, the Financial Times said.

Pemex will continue to enjoy a monopoly on gasoline stations, at least for now. The minister said the sector could slowly open to others.

Finance Secretary Luis Videgaray said both Pemex and the national electricity company, CFE, “will remain state owned but are expected to be run more like private companies,” the Financial Times said.

Energy Secretary Coldwell stressed a commitment to transparency, the report said.

Profit-sharing contracts for producers and licenses will be awarded to those “offering the best economic conditions for the Mexican state,” the minister said.

“However, if two bids offered the same terms on quality, price and delivery, ‘The national provider will have priority over the foreign one,'” Coldwell said.

The minister also said that to develop national industry, a quarter of the content in all contracts and assignments should come from domestic companies.

The next step is for legislators to set a timetable to debate the bills, expected in June.

Despite opposition from trade unions and others, the reform package is expected to be adopted with little or no legislative opposition.