State-owned Mexican oil company Pemex and India’s Reliance Industries may soon forge a partnership to develop a large-capacity greenfield refinery in Mexico. The 300,000-barrels-a-day refinery will largely meet the domestic energy requirements of Mexico.
“We are impressed with the refinery operations of Reliance. A team of senior government officials will visit RIL’s site at Jamnagar to explore the possibility of partnerships,” Mexican energy secretary Georgina Kessel told reporters while talking about country’s potential in the energy sector.
It is expected that Reliance will be roped in as a service provider in the new refinery project to be developed by Pemex. “There would be no joint venture with RIL, as the law does not permit that,” the minister said.
Without specifying the date, Ms Kessel said, she would be visiting India and meet with energy ministers besides visiting the facilities of RIL. She also did not give details of the scale of investment needed in the refinery, but said that it would be used to meet needs of products for domestic market. She said Indian companies could also forge alliances for setting up refinery operations for exports of products from Mexico. On the possibility of Indian companies exploring oil and gas reserves in Mexico, she said, it is not possible. However, the possibility of exploring oil and gas in third countries can be explored by Pemex and ONGC Videsh and other companies.
While Reliance is operating one of the largest refineries in the world, ONGC’s foreign arm, ONGC Videsh, explores oil and gas in foreign countries. Mexico has huge reserves of oil and gas and Indian companies are looking for partnerships that can allow them to bring some products back to the country.
Besides reliance, Tata Motors is also exploring partnership with a local auto company to meet the domestic needs of Mexico.
Source: Economic Times
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