Following more than 70 years of state control, Mexico recently opened up its O&G and electric industries to private and overseas players.

Mexican Ambassador to Malaysia Carlos Felix Corona was quoted by The Malaysian Insider as saying that the new energy reform enables foreign direct investment and profit-sharing in Mexico’s O&G exploration, refinement, production, transportation and storage, which were managed by state-owned PetrĂ³leos Mexicanos (Pemex).

The country has invited bids from overseas firms for O&G blocks from deep waters to mature fields as well as non-conventional reserves from January 2015.

About 109 blocks have been identified by the government for the first round of bids. It expects to receive investments of around $50bn over the next four years.

The embassy had been negotiating with potential Malaysian companies such as Petronas for the bids.

Corona was quoted by the publication as saying that the bilateral trade between the two countries is important as Malaysia is its main partner in Southeast Asia.

In 2013, the bilateral trade reached $5.55bn while in first quarter of 2014, the volume stood at $1.38bn.

Currently, Mexico imports rubber, plastics, wood, copper, and chemical products from Malaysia and exports electrical and electronic equipment, machinery, nuclear reactors, and precious metal to Malaysia.