Mexico’s Pemex signs MOUs with Arab oil companies

Mexican state-owned energy company Petroleos Mexicanos signed two memorandums of understanding Tuesday with oil companies from the United Arab Emirates.The two MOUs, signed within the context of Mexican President Enrique Peña Nieto’s visit to several Persian Gulf nations, are in addition to a separate agreement inked in Saudi Arabia, Pemex said in a statement.

Under the terms of one MOU with Mubadala Petroleum, the companies will explore potential upstream (exploration and production) and primary midstream (liquefaction and transport) projects in Mexico’s energy sector.

They also will study the potential for cooperating on infrastructure projects, including one in the Salina Cruz area of the southern Mexican state of Oaxaca that would involve an investment outlay totaling more than $4 billion, Pemex said.

Under the terms of the agreement, the two companies also will explore potential cooperation in cogeneration projects.

A second MOU was signed with the company ADNOC and calls for the exchange of best operating practices, including training in areas such as the processing and handling of liquefied natural gas.

Lastly, the MOU with Saudi Arabian company Saudi Aramco lays the groundwork for a dialogue aimed at “exploring different areas of cooperation,” such as upstream and downstream (refining and marketing) operations and support services.

Pemex CEO Emilio Lozoya, who is accompanying Peña Nieto on the visit, signed the three MOUs. EFE

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