Mexican President Enrique Pena Nieto will continue to push through reforms of state oil company Pemex that would open production opportunities for other multinational firms, according to a published report.

Pemex, which is currently the world's seventh-largest oil producer, has monopolized the energy business in Mexico since the industry was nationalized there in 1938.

In an interview with the Financial Times, Nieto explained that “there are different options on what the reform should be, but I am confident. ... It will be transformational." He also told the paper that the reforms would include “the constitutional changes needed to give private investors certainty.”

Nieto also is sure to raise some eyebrows with his further comment to the paper that “the primacy of Mexico’s relationship with the U.S.. is historic and obvious, nonetheless we recognize China as a global power. That’s why Mexico will give China special attention, without ignoring the U.S. or Latin America, of course.”

Mexico China Energy