Abu Dhabi: Mubadala Petroleum and Mexico’s Petróleos 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 in the presence of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Enrique Peña Nieto, President of the United Mexican States, and Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

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.

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 revitalise and develop its energy sector.”

Emilio Lozoya Austin CEO of Pemex, said, “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.”