New Delhi: Reliance Industries Ltd and Mexican state owned oil company Pemex have signed an MoU. The two companies will cooperate for assessment of potential upstream oil and gas business opportunities in Mexico.
RIL and PEMEX will also share expertise and skills in deep-water oil and gas exploration, refining and other areas.
The deal comes as Mexico, the world's tenth-largest crude producer, is implementing sweeping reform of the energy sector that was approved earlier this year and that ended Pemex's decades-long monopoly.
Pemex and Reliance, controlled by Mukesh Ambani, will also explore international markets for "value added opportunities", the Indian energy conglomerate said in a statement.
Mexico's Pemex has been trying to expand its presence in India and other markets beyond neighbouring United States. The Mexican oil giant has said it sees India and China as future growth markets for crude.
MOU envisages sharing of RIL's pioneering expertise in deep water development and best practices in East Coast of India and RIL's experience in shale gas in United States.
RIL will also provide technical support and share experience with PEMEX for refining value maximisation and other technical optimization strategies.
(With inputs from Reuters)
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