The UAE’s Mubadala Petroleum has signed a Memorandum of Understanding (MoU) with Mexico’s Pemex for collaboration on upstream E&P projects, midstream oil and gas, and energy and power-related infrastructure, reported Trade Arabia.
One of the signatures, CEO of Mubadala Petroleum, Musabbeh Al Kaabi, explained that the MoU was just a first step towards greater energy cooperation between the UAE and Mexico. The latest reforms taken in the Mexican energy sector allowed Pemex to have partners for upstream and midstream projects, said Pemex’s CEO, Emilio Lozoya, wrote Rigzone. He added that third parties may be considered when it came to other joint investments with Mubadala. A released statement added that any specific opportunities would remain confidential between the two parties, along with details of other technical or commercial discussions.
The Mexican President, Enrique Pena Nieto, attended the signing ceremony with Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, and the Crown Prince of Dubai and Chairman of Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.