Russian Firms Eye Joint Ventures With Pemex for Oil Projects

Russian companies are open to develop joint ventures with PEMEX to develop heavy crude oil extraction projects, according to Aleksandr Abrámov, Russia’s Trade Representative in Mexico. The announcement was made during the first Russia-Mexico Business Forum held in Mexico City and organized by the Roscongress Foundation.

The initiative aligns with recent policy changes under President Claudia Sheinbaum's administration. New energy reforms now allow PEMEX to pursue exploration and extraction projects in partnership with private entities. In March, PEMEX Director General Víctor Rodríguez confirmed that 17 mixed contracts would be formalized starting in July. These contracts are expected to produce an initial 8Mb/d of crude oil, with output projected to rise to 66Mb/d by December.

As part of efforts to deepen economic cooperation, Russia has proposed the formation of working groups that would include Mexican and Russian officials and business representatives to explore investments across sectors, particularly energy. Aleksey Valkov, Deputy Director, Roscongress Foundation, emphasized the similarities between the energy sectors of both countries, which he said could support productive collaboration.

Valkov, who also directs the St. Petersburg International Economic Forum, met with officials from SENER to present opportunities for bilateral engagement through events like the upcoming St. Petersburg forum in June and Russian Energy Week. He suggested that these platforms could help facilitate discussions between Russian companies and Mexican authorities.

Russia’s ambassador to Mexico, Nikolay Sofinsky, stated that Russia is open to expanding cooperation in any sector, depending on the interest from Mexico. He also highlighted that both countries will celebrate 135 years of diplomatic relations this December.

Eduardo Villegas Megías, Mexico’s Ambassador to Russia, underscored the importance of bilateral dialogue, noting that cooperation between culturally and linguistically different nations brings unique value. In a message from Moscow, he emphasized communication as the foundation for building long-term business ties.

María Araceli de Haas, Director General of International Relations, Mexico’s Ministry of Economy, addressed ongoing changes in global trade patterns and the potential for Russia and Mexico to benefit from emerging frameworks influenced by US policies. She acknowledged existing logistical challenges but said these may be faced as new trade corridors are established.

Trade between Mexico and Russia reached a value of US$1.3 billion in 2024, according to the World Trade Organization. Mexican exports to Russia included motor vehicle parts, mobile phones, medical instruments, and alcoholic beverages. Russian exports to Mexico featured unalloyed iron and steel, raw aluminum, minerals, and wheat.

Russian firms such as Gazprom, Kaspersky Lab, LUKoil, and Power Machines already operate in Mexico, while Mexican companies including Cemex, Gruma, and Mabe have established a presence in Russia.