The Minister of State for Petroleum & Natural Gas Dharmendra Pradhan led a delegation to Mexico on May 18-19, and held bilateral talks with Minister of Energy, 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 Energy Minister and CEO, PEMEX invited Indian investment in hydrocarbon sector. The two sides agreed that it would be a win-win situation for both countries to intensify energy cooperation. THEY agreed to set up a Joint Working Group on Hydrocarbon to identify concrete areas of cooperation in the oil and gas sector.
ONGC has signed a MoU with PEMEX for cooperation in upstream sector. ONGC Videsh has also decided to open its office in Mexico City. Mexico has recently opened the energy sector for private and foreign participation which has offered opportunity for diversifying bilateral energy cooperation. 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 was 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.