The Mexican Senate voted 353 to 134 to approve a landmark energy reform bill that will open the Mexican energy sector up to private investments for the first time since 1938 as the country looks to reverse falling production levels from the upstream sector. With the senate giving its approval, the majority of Mexico's 31 states are expected to ratify the bill early in 2014. Mexican President Enrique Pena Nieto forecasts that privatization of the energy industry will boost the annual growth in the Mexican GDP by 1% by 2018. A Nov. 28 report from JPMorgan Chase & Co. stated that the reform bill could increase foreign investment by as much as $15B/y and boost potential economic growth by 0.5%.
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