MEXICO CITY (Reuters) - Mexico's Senate on Thursday approved a reform to the country's hydrocarbon law that aims to increase the market weight of state oil firm Pemex and that allows the government to revoke private companies' permits to import and trade oil products.


The legislation is part of President Andres Manuel Lopez Obrador's efforts to undo parts of a historic energy liberalization that began to create a competitive oil and electricity industry in Mexico.


The lower house of Congress already passed the changes to the law it must now go the President for final approval.


Under the new law, the government can cite "imminent danger to national security, energy security or the national economy," to suspend permits for trading oil and gas products.


Lopez Obrador argues previous administrations skewed the market in favor of business interests and were intent on carving up national oil company Petroleos Mexicanos (Pemex) and power utility the Comision Federal de Electricidad (CFE)