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Russia’s Gazprom, Lukoil seek to invest in Mexico’s power sector

September 18, 2014, 9:57 UTC+3 MEXICO
CEO of the ProMexico trade and investment promotion organization said Mexico's reforms in the energy sector will enable Russian companies to cooperate with the Mexican state-owned electric utility
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© EPA/PEMEX / HANDOUT

MEXICO, September 18. /ITAR-TASS/. Russian energy giants Gazprom and Lukoil are interested in investing in the power generation sector in Mexico, the Bloomberg news agency reported on Thursday citing CEO of the ProMexico trade and investment promotion organization.

Francisco Gonzalez Diaz said Mexico is expected to get $30 billion in foreign investment next year. In particular, the country’s reforms in the energy sector will enable Russian companies to cooperate with the Mexican state-owned electric utility, CFE.

In February, Russian oil company Gazprom Neft announced plans to expand its asset portfolio with oil production in Mexico. Russia’s second largest oil company, Lukoil, signed a cooperation agreement with the Mexican state-owned petroleum and petrochemical company Pemex in January.

Lukoil CEO Vagit Alekperov later said the company planned to join Mexico’s offshore projects in the Gulf of Mexico.

In August last year, Russia's giant energy monopoly Gazprom showed interest in Mexico’s infrastructure projects, and in particular, in modernizing the gas pipeline system of Mexico’s Pemex.

Over 70 years, private companies had no access to Mexico’s energy market. An energy reform carried out last year allowed foreign companies access to oil and gas fields in the country.

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