MEXICO, September 23 (RIA Novosti) - The outlook for the Russian companies in Mexican energy sector is good, but it will largely depend on market conditions, said the country's former President Vicente Fox.
"The perspectives [for these companies] are good, Russia currently offers good opportunities for investments, with which it can come to Mexico, and Russian companies are interested in increasing their global presence, but the markets are global now and it is hard to predict what will be happening on them," Vicente Fox told journalists on Monday.
Former President of Mexico also said that a $500 million fund for investing in Mexican energy sector has been created. The fund will help medium and large businesses to work on local market, providing them with investments and modern technologies. According to Fox, the fund is supported by private investors, including some investors from abroad.
Earlier Russia's Lukoil and Mexican state-run oil company Pemex have signed an agreement on cooperation. Vagit Alekperov, the head of Lukoil, said that in the autumn the two companies will decide on joint projects.
Also, the CEO of ProMexico trade and investment promotion organization Francisco Gonzalez Diaz said that Russia's Gazprom has expressed interest in joint projects with Mexican state power company CFE.
In December 2013 Mexico approved the historic bill, allowing foreign companies to enter its energy sector. The new law also allowed private Mexican energy companies to drill for oil and gas with the state-run Pemex.