Mexico Pemex agrees to accord with Spanish oil firm Repsol

25 January 2012 21:13  [Source: ICIS news]

BOGOTA (ICIS)--Petroleos Mexicanos (Pemex) has agreed to a long-term industrial accord with Spanish oil company Repsol YPF, the Mexican state oil company said on Wednesday.

The companies will seek opportunities to cooperate on projects and Pemex will agree to maintain its stake in Repsol at 5-10%, Pemex said.

Following a board of directors meeting on 6 January, Pemex said it had advanced on a memorandum of understanding with Repsol.

The terms of the accord include the pursuit of upstream and downstream business opportunities, Pemex said. Also Repsol agreed to act as a Pemex ally in evaluating and promoting business opportunities.

Pemex also said the industrial strategic alliance would last for 10 years.

By: Leela Landress
+1 713 525 2653

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