OREANDA-NEWS. April 19, 2013. The Mexican oil company Pemex signed on the southern Chinese island of Hainan an accord with the second largest oil company of China, Sinopec, to strengthen trade relations between the two firms and promote a larger volume of crude exports to the Asian giant, the second largest petroleum importer in the world.

The accord was signed by the director general of Pemex, Emilio Lozoya, and the president of the XinXing Cathay International Group, a subsidiary of Sinopec, Sha Ming, in the presence of Mexican President Enrique Pena Nieto.

The pact marks the de facto opening of trade relations between the two giants, something of particular interest to the world’s second economy because of its need for alternative sources of supply.

The agreement was signed shortly after Pena Nieto met with the new president of China, Xi Jinping, during the Boao Forum on economic issues.

The Mexican leader is one of the first Latin American heads of state to meet with the new Chinese president, along with Peruvian President Ollanta Humala.

The Boao Forum, an economic summit that has been called the “Asian Davos,” began its 2013 meeting Saturday in China with a marked Latin American character, thanks to the presence as speakers of the presidents of Peru, Ollanta Humala, and of Mexico, Enrique Pena Nieto.