Mexico proposes oil sales to China to reduce trade deficit

Mexico proposes oil sales to China to reduce trade deficit

Mexico (Platts)--30Sep2004


Mexico has proposed selling oil to China as part of a plan to reduce a trade
deficit with China that Mexico calculates at around $9-bil each year, a senior
official from Mexico's Economy ministry said Wednesday. The proposal comes
after Chinese officials offered to promote Mexican products in their country
and asked for a list of suggestions. "We proposed several products. Oil was
one of them, along with tequila and farm products. But it is up to Pemex [the
state oil company] to decide whether the sales go ahead," said Gerardo
Traslosheros, director of multilateral trade negotiations. Traslosheros heads
a newly formed bilateral working group that he said aims to "turn China into a
trading partner rather than a threat." Chinese oil companies are already
active in Mexico. Great Wall Drilling Co is fulfilling two onshore contracts
for Pemex in the southern state of Tabasco, while another Chinese company, BGP
International, has been carrying out seismic studies further north.

Please visit: www.platts.com

Their coverage of energy matters is extensive!!.