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.
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.
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