Mexico's Senate OKs Bills Expanding Power of Energy Regulators

Posted by Joseph R. Fonseca
Monday, July 21, 2014

Mexico's Senate gave general approval on Monday to legislation laying out expanded powers for energy regulators, part of the fine print needed to implement a constitutional reform that overhauls the oil, gas and electricity sectors.

Senators must still debate reservations to the regulatory legislation, which is likely to last into the night.

The legislation forms part of the so-called secondary laws needed to flesh out the opening of the energy market, which is the centerpiece of the government's reform agenda.

Once the reservations have been voted on in the Senate, the focus will move to the lower house of Congress, which is already debating the secondary laws passed by the upper chamber.

Monday's legislation provides the national hydrocarbons commission and the energy regulatory commission with budgetary and management autonomy as well as new powers to supervise and sanction newly opened energy markets.

Meanwhile, two other bills passed late on Sunday define the administration and new transparency measures for state-run oil company Pemex and national electricity utility CFE.

That legislation gives Pemex more budgetary autonomy and a new tax structure, while gradually requiring both Pemex and CFE to operate as competitive firms.

Both sets of bills were passed by a coalition of the ruling Institutional Revolutionary Party (PRI) and the center-right National Action Party (PAN), and opposed by a collection of center-left parties.

Separately on Monday, lower house committees passed the hydrocarbons law that spells out the terms of the potentially lucrative oil and gas production licenses and contracts in President Enrique Pena Nieto's reform.

The hydrocarbons law, which forms the heart of the energy reform, has already passed the Senate.

The legislation moving through the Senate must be complemented by bills detailing the new fiscal regime and a planned wealth fund. They have yet to advance in Congress.

The reform package ends the exploration and production monopoly held for decades by Pemex, as well as the monopoly held by CFE.

Final congressional approval of the secondary laws is expected by the end of July or early August.

(Reporting by David Alire Garcia; Editing by Simon Gardner, Meredith Mazzilli and Ken Wills)

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Major Ivorian Cocoa Buyers Boycott Local Exporters Scheme

Major cocoa buyers are boycotting a scheme in Ivory Coast aimed at guaranteeing local firms a share of the lucrative export market, arguing that these players lack

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

General Dynamics Tops Q2 Estimates

General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit.

News

Two New Hybrid RTGs for Port of Shanghai

Corvus Energy informs it will provide the battery systems for an additional two hybrid solutions for new rubber-tired gantry cranes (RTGs) that will be produced

USCG Investigates Oil Slick off California Coast

The U.S. Coast Guard was investigating a large oil sheen off the California coast west of Santa Barbara on Wednesday, a spokeswoman for the agency said.   The slick,

Puget Sound Reports Container Volume Growth

Less congestion and efficient cargo movement helped international container volumes through the Puget Sound gateway improve 14 percent in June compared to June 2014, the port reported.

Government Update

Mexico to Postpone Deep Water Auction

Mexico, which has started to open its nationalized oil industry to additional private investment, will postpone auctions for deep-water oil exploration and production

Brazilian Police to Probe Nuclear Submarine Program

Brazilian federal police are investigating potential irregularities in a military program that aims to build a nuclear-powered submarine in partnership with France by 2023, newspaper Folha de S.

Philippine Port Project Draws Multi-National Attention

MANILA, July 29 (Reuters) - A 18.99 billion pesos ($417.91 million) project to modernise a port in the southern Philippines has attracted interest from five groups,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1625 sec (6 req/sec)