Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Development Company, and Petróleos Mexicanos (Pemex) have signed an agreement, to provide the basis for discussions between the two companies and their affiliates about potential opportunities in Mexico’s energy sector.

The Memorandum of Understanding (MoU) was signed during a ceremony attended by HH Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, and Enrique Peña Nieto, President of the United Mexican States, and HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and chairman of Dubai Executive Council.  It was signed by Musabbeh Al Kaabi, CEO of Mubadala Petroleum, and Emilio Lozoya Austin, CEO of Pemex.

As well as providing a framework for discussions to identify potential upstream exploration and production projects, the MoU identifies a number of broader areas for potential collaboration in the oil and gas midstream sector, and energy and power-related infrastructure that may be of interest to other Mubadala businesses, a statement said.

Al Kaabi said: “This MoU is a first step to opening a concerted dialogue with Pemex to look at collaborative opportunities in Mexico and reflects the strengthening relationship between the UAE and Mexico.  We look forward to working alongside Pemex to see how we might contribute to Mexico’s initiative to revitalise and develop its energy sector.”

Austin said: "The Mexican energy reform allows Pemex to have partners for upstream and midstream projects. Mubadala is a world class partner to establish a solid, long term relationship with. We will look into some primary projects, as well as to support infrastructure projects for the core business‎ and decide joint investments that benefit both parties and may consider third party if required.”

Details of any specific opportunities, and technical or commercial discussions will remain confidential between the two parties, the statement said. - TradeArabia News Service