Union Petroleum Minister Visits Mexico
Mexico (PIB-GR-TYP-BIN): The Minister of State for Petroleum & Natural Gas Mr. Dharmendra Pradhan said that Indian companies are willing to participate in the exploration and production activities in Mexico including in deep water and unconventional resources. He also highlighted the fact that India has emerged as a modern refining hub with expertise to develop complex refineries at most cost effective manner. India can help Mexico to upgrade its refining sector. He also offered the Mexican side to consider using Indian EPC and infrastructure companies from public and private sector who provide world-class service in cost effective manner. He emphasized that India wants a long- term partnership with Mexico in hydrocarbon sector.
Mr. Pradhan added led an Indian delegation to Mexico on May 18-19. During the two-day official visit he held bilateral talks with his counterpart Minister of Energy of Mexico Mr. Pedro Joaquín Caldwell. He also met Minister of Economy Mr. Ildefonso Guajardo Villareal and CEO of national oil company of Mexico PEMEX Mr. Emilio Lozoya Austin. The Minister was accompanied by Indian Ambassador to Mexico Mr. Sujan Chinoy.
Mexico has recently in 2014 opened up the energy sector for private and foreign participation. This has offered opportunity for enhancing and diversifying bilateral energy cooperation. Presently, IOC, RIL and ESSAR buy about 6 MMT of crude oil from Mexico. The energy reforms in Mexico provides a window to transform the relationship from ‘buyer – seller ‘relationship to that of an ‘energy partnership’.
During the meetings, Mr. Pradhan stressed the resolve of the Government under leadership of Prime Minister Mr. Narendra Modi to develop energy partnership with key energy producing countries of the world. He added that India is trying to diversify its import sources of energy and more than 20% of crude import of India is presently sourced from Latin America. He mentioned that Mexico figures high on the priority of India to enhance bilateral energy ties. ONGC Videsh has decided to open its office in Mexico City to pursue opportunities in upstream sector. It has also signed a MoU with PEMEX for cooperation in upstream sector.
The Mexican Energy Minister and CEO, PEMEX invited Indian investment in all streams of hydrocarbon sector. The two sides agreed that it would be a win-win situation for both countries to intensify energy cooperation. The two Ministers agreed to set up a Joint Working Group on Hydrocarbon at the official level to identify concrete areas of cooperation in the oil and gas sector.