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    A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, January 25, 2016

    Mexico's Pemex, Russia's Lukoil Continue Talks on Potential Joint Projects

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    Pemex CEO Jose Antonio Gonzalez Anaya says that talks between Mexico’s state-owned oil giant Petroleos Mexicanos and Russia's Lukoil about potential joint projects are ongoing.

    HOUSTON (Sputnik) — Talks between Mexico’s state-owned oil giant Petroleos Mexicanos (Pemex) and Russia's Lukoil about potential joint projects are ongoing, Pemex CEO Jose Antonio Gonzalez Anaya told Sputnik on the sidelines of the IHS CERAweek conference in Houston.

    "The teams are still in talks with Russian companies to see if there is an opportunity in the future," Anaya said Tuesday. "We are still in talks with the people from Lukoil. We have not concreted one yet. We are working."

    Russia's Lukoil became the first foreign company to tap into Mexico's oil market after signing a cooperation agreement with Pemex in January 2014.

    In 2014, Mexico's parliament approved legislation to allow private oil contracts as the country's market began to open up to foreign oil firms.

    State-owned Pemex petroleum company lost its monopoly over the country's oil reserves, with foreign companies planning to enter the Mexican oil market through profit-sharing and production-sharing contracts, as well as through licensed drilling.

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    Pemex, Lukoil, Mexico, Russia
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