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India Exploring Crude Oil Imports from Mexico
May 23, 2015

The Minister of State for Petroleum & Natural Gas Dharmendra Pradhan recently led an Indian delegation to Mexico. During the visit he held bilateral talks with his counterpart Minister of Energy of Mexico Pedro Joaquín Caldwell. He also met Minister of Economy Ildefonso Guajardo Villareal and CEO of national oil company of Mexico PEMEX Emilio Lozoya Austin.

  • 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 provide a window to transform the relationship from ‘buyer-seller ‘relationship to that of an ‘energy partnership’.

  • 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.

  • 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.

  • Indian companies are willing to participate in the exploration and production activities in Mexico including in deep water and unconventional resources.

  • 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.

  • India 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.

  • India emphasised that it wants a long-term partnership with Mexico in hydrocarbon sector.

  • India-Mexico 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.

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