Mexico’s president has proposed a historic shift in the country’s state-run oil industry, potentially paving the way for foreign multinationals to gain a share of the profits from Mexico’s oil. In an address Monday, President Enrique Peña Nieto proposed letting private firms enter profit-sharing contracts with Mexico to drill for oil and gas. The shift would require changes to Mexico’s Constitution. But Peña Nieto insisted it would not amount to privatization.

Mexican President Enrique Peña Nieto: “With this reform, Mexican Petroleum and the Federal Electrical Confederation (CFE) as companies are 100 percent the property of the nation. Pemex and the CFE, and I say this categorically, are not for sale nor up for privatization. This reform looks for a strengthening and modernization to once again allow them to become leading companies and fulfill their mission to benefit society.”