Mexico considers rising its oil output and exports to China

Feb 28, 2004 01:00 AM

Given China's ever swelling needs for crude oil, Mexico is considering producing more oil and the possibility of its oil exports to China, said Sergio Ley Lopez, Mexican ambassador to China on Feb. 23.
At the forum called "China's Influence on Future of Mexico" held in Monterrey, a city in the north of Mexico, the ambassador disclosed that China had expressed its hope to import oil from Mexico. Mexico is not producing oil enough to export to China. But the National Oil Company of Mexico is considering increasing its oil output to meet the needs.

The latest report of the International Energy Agency estimates that China will surpass Japan in 2004 in terms of oil demand to be the world's second largest country huger for oil after the US.
When talking about the bilateral trade between Mexico and China, he pointed out China was the second largest trade partner of Mexico and the bilateral trade volume amounted to about $ 7.4 b in 2002.

The two sides are holding talks on opening an easy access to Chinese market for products from Mexico.
Mexico asks from China for convenience of Mexico's farm and stock products while China expects more from Mexico beyond oil, that is, more autos and automotive parts.

Source: People's Daily Online
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