Special Report:Global Financial Crisis

Protestors who are against the energy reform bill demonstrate out of the Mexican senate in Mexico City, capital of Mexico, Oct. 23, 2008. The Mexican Senate on Thursday approved an energy reform bill, which allows more private and foreign investment to enter the state-owned oil industry. (Xinhua Photo) Photo Gallery>>>

    MEXICO CITY, Oct. 23 (Xinhua) -- The Mexican Senate on Thursday approved an energy reform bill, which allows more private and foreign investment to enter the state-owned oil industry.

    President Felipe Calderon said the bill will help the state-run oil monopoly Petroleos Mexicanos, or Pemex, tackle deep-water drilling and put more profits in exploration.

Senators vote on an energy reform bill in Mexico City, capital of Mexico, Oct. 23, 2008. (Xinhua Photo) Photo Gallery>>>

    The left-wing opposition has been vehemently against the bill, saying it is an attempt to privatize the oil industry.

    Mexico's oil industry was nationalized in 1938 in an action regarded as a symbol of sovereignty.

    In that year, then Mexican President Lazaro Cardenas nationalized the whole oil industry including hundreds of Mexican oil fields owned by U.S. and British companies.

    The energy bill is the most important step in changing Mexico'soil industry since the nationalization in 1938, because it will give state-owned Pemex new and better tools to face the challenges of the future, Ruben Camarillo, a senator from the ruling party, said.

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