Reliance Industries Ltd (RIL) has signed a memorandum of understanding (MOU) with Mexico’s state-owned company Petroleos Mexicanos (PEMEX) to explore opportunities in upstream oil and gas sector in Mexico and jointly evaluate value added opportunities in international markets.
RIL and PEMEX will also share expertise and skills in relevant areas of oil and gas industry, including for deep-water oil and gas exploration and production, RIL said in a statement.
“The MOU envisages sharing of RIL’s pioneering expertise in deep-water development and best practices in the East Coast of India and RIL’s experience in shale gas in the United States,” the statement added.
RIL said it would provide technical support and share experience with PEMEX for maximisation of refining value and other technical optimisation strategies. This co-operation agreement with PEMEX is in line with RIL’s growth strategy to explore opportunities internationally. RIL shares, on Friday, closed with a loss of 0.09 per cent at Rs.957.70 on the BSE.
