Russia eyes investment in Mexico's energy sector

Thursday, February 7, 2019

Statement from the Senate of Mexico

Russian officials and businessmen expressed in the Senate of the Republic the interest of their nation to invest in Mexico's energy sector, with the aim of supporting development and increasing trade between both countries.

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In the "Forum on energy and investment: Alternatives and Proposals for the Generation of Energy, Gas and Oil", Senator Cora Cecilia Pinedo Alonso said that it is essential to increase bilateral incentives with Russia at the highest level, with the firm commitment to develop energy and cooperation projects that benefit the two peoples.

The president of the Commission of External Relations Asia - Pacific - Africa, said that this space for dialogue is aimed at increasing knowledge and facilitating options that benefit the exchange between Mexican and Russian businessmen, in energy matters.

The new Mexican government recognizes the potential of ties with Russia, as that nation consolidated in the international energy markets and increased the competitiveness of its products and services in the world, he said.

He specified that within the framework of the National Plan for the Production of Hydrocarbons in Mexico, the main objective is to increase production throughout the country and achieve more than two million barrels of oil per day by the end of the sexennium.

For this reason, he said, this Commission will focus on the opportunities that exist at this time to take advantage of them. Parliamentary diplomacy represents a vital pillar to promote and consolidate bilateral and multilateral relations in all areas, he said.

Mexico and Russia have a strong political and indisputable link. We are large markets in our regions. The relationship between our peoples has resumed a prosperous course, after almost 129 years of friendship, presenting itself as the ideal juncture to deepen our ties and cooperation, concluded the legislator.

On behalf of Martí Batres, president of the Board of Directors, Senator José Luis Pech Várguez said that during this forum will be discussed the possibilities, alternatives and proposals that both countries can have in the generation of energy, gas, oil and infrastructure.

The vice president of the Foreign Affairs Committee of the Council of the Russian Federation, Alexander Babakov, considered that the current economic relations between both nations are not enough and do not show all the potential that exists, especially in the energy sphere.

He proposed to create a base of real cooperation to develop the potential of commercial exchange. Mexico can find support in Russia to boost its current energy program, he added.

The Russian senator said that last year his country produced 556 million tons of oil, of which he exported 257 million.

Subsequently, Samarkina Anastasia Denisovna, general director of Buro LEGINT, reported that there is interest from business circles to return to the Mexican market and increase cooperation in the energy sector. They seek to invest in a leading country in the Americas, he said.

We think that with the support of the authorities of the two countries could be consulted with the idea of forming a consortium to implement projects ranging from energy supply, to the inclusion of energy capabilities, he said.

In this sense, Samarkina Anastasia Denisovna raised the signing of a protocol of intention and draw a roadmap for that purpose.