THE NEWS
Chinese state-owned oil companies are interested in participating in Mexico’s hydrocarbons sector and they’re only waiting for Congress to pass secondary legislation on the energy reform before stepping forward, according to Mexico’s ambassador in China.
Ambassador Julián Ventura said on Tuesday that the December approval of the energy reform — which will allow for increased participation in Mexico’s state-run oil company Pemex — has awakened the interest of the Chinese oil companies, many of which have already worked together with Pemex.
“We have, first of all, a legal framework of cooperation that allows us to channel this interest on the part of Chinese energy companies in the Mexican market,” he said. “In the coming months, we will see more concrete advances in this sector in particular as discussions advance in Mexico.”
According to the Wall Street Journal, once Congress passes secondary legislation establishing regulations for private participation in Mexico’s oil industry, competition between North American, European and Asian oil companies for Pemex contracts could become fierce.
Some experts predict that U.S.-based companies will win the lion’s share of contracts thanks to their their history of collaboration, as 80 percent of Mexico’s oil exports go to the United States.
Last year, Pemex announced that it would try to double exports to China and increase exports to India in 2014 as part of a long-term strategy to reduce its dependency on the U.S., which is expected to become an oil exporter itself in the coming decades.
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