A bill amending certain provisions of the Hydrocarbons Law (the “Order”) has gone into effect on May 5, 2021. The Order retains all of the modifications proposed by the President of Mexico in his proposed bill on March 26, 2021. We reported on the proposed bill on March 29, 2021, as detailed in our previous alert located here.
In addition, an initiative that abrogates Article Thirteen of the transitory articles to the Hydrocarbons Law was approved by Congress, removing from the Energy Regulatory Commission ("CRE") the power to apply asymmetric regulation to PEMEX and its affiliates in their commercialization of hydrocarbons, fuels and petrochemicals. Article Thirteen was originally intended to promote competition in the midstream, downstream and retail sectors. Both the Order and the approved initiative will have a significant effect in these sectors.
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