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Mexican president Peña Nieto submits proposal to open PEMEX oil reserves

by Take Two®

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The elected president of Mexico Enrique Peña Nieto delivers a speech during a conference in the framework of the 'Mexico Business Summit' in Queretaro, Mexico, on November 12, 2012. RONALDO SCHEMIDT/AFP/Getty Images

The Mexican oil giant PEMEX could soon be opening to foreign investment. Mexican president Enrique Peña Nieto put forward his proposal yesterday to make a fundamental change to the state-owned oil company, which has been under-performing in recent years.

RELATED: Peña Nieto proposes opening Mexico's oil reserves to foreign companies

The move would shake up an industry that has been nationalized for more than 70 years. Here to tell us more about Peña Nieto's plan is Tim Johnson, a reporter with McClatchy newspapers based in Mexico City.



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