Mexico Pemex strikes shipping, technology deals with China

05 June 2013 20:06  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Petroleos Mexicanos (Pemex) has signed two deals with China to acquire ships, equipment and technology destined for the nation’s oil industry, the Mexican state energy company said on Wednesday.

Pemex said a deal was signed with the Export-Import Bank of China to provide it with a three-year, $1bn (€760m) credit line for the purchase of ships and equipment for offshore marine activities.

The energy giant also ratified a previously signed memorandum of understanding with China’s state-owned Xinxing Cathay International Group to develop pipeline technology.

The deals were struck during a state visit to Mexico by Chinese President Xi Jinping, Pemex said.

“Both agreements respond to Pemex’s interests in acquiring advanced technology for cleaner and more efficient production,” the company said.

Xi had previously visited Costa Rica and Trinidad and Tobago as part of a current diplomatic and trade mission to the region.

The Chinese president will fly to the US later in the week for talks with Barack Obama.

During Xi’s visit to Costa Rica, a financing deal was signed by China National Petroleum Group and Costa Rica’s state refiner Recope to upgrade and expand the country’s sole oil refinery in the Caribbean port of El Limon.

($1 = €0.76)

By: Simon West

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