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ARTICLE · 29 APRIL 2021

No, Mexico Is Not Turning Into Venezuela

Mayer Brown
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Following the Mexican government's latest initiative to amend the Hydrocarbons Law, concerns about Mexico following in Venezuela's footsteps to undo the energy reform are growing.

GlobalGovernment, Public Sector
Vera De Brito De Gyarfas
Vera De Brito De Gyarfas
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Following the Mexican government's latest initiative of the Mexican government to amend the Hydrocarbons Law, the concerns about Mexico following in Venezuela's footsteps to undo the energy reform (like Venezuela destroyed the 1990s oil and gas opening) are growing. It is important to keep in mind certain key differences between Venezuela and Mexico and how each country opened its oil and gas industry to private investment. This will help us understand the process that is underway in Mexico and the likelihood of the government's success in undoing the energy reform, further discussed in this article. Spoiler alert. Mexico is not Venezuela.

I. Background

President Lopez Obrador's objection to the energy reform is not new. In 2013, Lopez Obrador claimed that the Pena Nieto government had agreed on "the privatization of Mexico's oil industry" with foreign investors.1 He held rallies against the reform and accused the government of handing out Mexico's natural

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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