India and Mexico sign MoU

Dec 08, 2014 12:00 AM

Reliance Industries Limited and the Mexican state owned company, Petroleos Mexicanos (PEMEX) have entered into a Memorandum of Understanding (MOU) regarding cooperation on potential upstream business opportunities in Mexico and the companies will jointly evaluate value added opportunities in international markets, according to a RIL press release.

RIL and PEMEX will also share expertise and skills in the relevant areas of the oil and gas industry including deep-water oil and gas exploration and production.

The MOU envisages RIL sharing its experience in deepwater development and best practices from the East Coast of India, as well as RIL’s experience in shale gas in the United States.

In addition to providing expertise in deepwater and shale exploration and production, RIL will also provide technical support and share experience with PEMEX for refining value maximization and other technical optimization strategies.

The companies will also collaborate to exchange experiences on the environmental and social responsibility fronts.

RIL’s cooperation with PEMEX is in line with its growth strategy to explore opportunities to expand its international asset base in regimes having internationally attractive competitive terms.

Reliance is India’s largest privately held oil company. RIL reported revenue of $18.4 billion in the quarter ending September 30, 2014, according to the company’s quarterly report. Operating profit before income and depreciation increased by 10.8% on a year-over-year basis from $1.43 billion last year to $1.6 billion in the most recent quarter and the company reported a debt of $23 billion.

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