Mexico city – Mexico plans to open up its state-run oil industry to private investment.A source of national pride, Mexico’s oil industry has been protected from private involvement for 75 years.President Enrique Pena Nieto has proposed reforms that will encourage foreign and domestic investment in the industry.Mexico’s oil industry is dominated by the state oil firm, Pemex, but it needs investment and expertise to develop new oil and gas fields.Currently, private companies can be awarded service contracts within the oil industry. The President’s plan that would go much further, allowing private companies to share the risks and profits of developing new fields.If the reforms go through, analysts say the liberalisation of the oil sector could double foreign investment in Mexico, giving the economy the biggest boost since the country joined North American Free Trade Agreement 20 years ago.