Russia's Foreign Minister said that Moscow hopes that the successful implementation of Mexico's energy reforms will boost the potential for Russian-Mexican cooperation.

MOSCOW (Sputnik) Russia hopes that the successful implementation of Mexico's energy reforms will boost the potential for Russian-Mexican cooperation, Russia's Foreign Minister Sergei Lavrov said Tuesday.


"We are watching the reforms carried out by the Mexican government, including reforms in the energy sphere, and we expect that the successful implementation of the reforms will create additional opportunities to expand our cooperation," Lavrov said at the opening of an exhibition dedicated to the 125th anniversary of Russia-Mexico diplomatic relations in Russia's Foreign Ministry.

"Today, Mexico is in second place in the list of our most important economic partners in Latin America," Lavrov said.

The volume of trade between the two countries more than tripled over the past few years, he added.

In 2014, Mexico's parliament approved legislation paving the way for private oil contracts as the country's market began to open up to foreign oil firms. State-owned Pemex petroleum company has lost its monopoly over the country's oil reserves, with foreign companies set to enter the Mexican oil market through profit-sharing and production-sharing contracts, as well as through licensed drilling.

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

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