Mubadala and PEMEX Sign Memorandum of Understanding and Cooperation
Mubadala Petroleum, a wholly-owned subsidiary of Mubadala Development Company (Mubadala),
and Petroleos Mexicanos (PEMEX) have signed an agreement, to provide the basis
for discussions between the two companies and their affiliates about potential
opportunities in Mexico’s energy sector.
The Memorandum of Understanding (MoU)
was signed during a ceremony in Dubai by Musabbeh Al Kaabi, CEO of Mubadala
Petroleum, and Emilio Lozoya Austin, CEO of PEMEX.
As well as providing a framework for
discussions to identify potential upstream exploration and production projects,
the MoU identifies a number of broader areas for potential collaboration in the
oil and gas midstream sector, and energy and power-related infrastructure that
may be of interest to other Mubadala businesses.
Musabbeh Al Kaabi, CEO of Mubadala
Petroleum, said, “This MoU is a first step to opening a concerted dialogue with
PEMEX to look at collaborative opportunities in Mexico and reflects the
strengthening relationship between the UAE and Mexico. We look forward to
working alongside PEMEX to see how we might contribute to Mexico’s initiative to
revitalize and develop its energy sector.”
Emilio Lozoya Austin CEO of PEMEX, said, "The Mexican energy reform allows PEMEX
to have partners for upstream and midstream projects. Mubadala is a world class
partner to establish a solid, long term relationship with. We will look into
some primary projects, as well as to support infrastructure projects for the
core business and decide joint investments that benefit both parties and may
consider third party if required.”