Russia Becomes First Foreign Nation to Tap Into Mexico's Newly-Opened Oil Market Agencia EFE
go to original February 7, 2014

MEXICO CITY –  Mexican state-owned oil company Petroleos Mexicanos and Russia's Lukoil signed an agreement late last month to work jointly on exploration and production activities.

Pemex CEO Emilio Lozoya and Lukoil's chief executive, Vagit Alekperov, signed the agreement in Davos, Switzerland, the Mexico City-based company said in a statement.

The deal, which establishes that the companies will share experiences and knowledge pertaining to oil exploration and production, will enable Pemex to "bolster its operating and technological capacity," the statement added.

It comes on the heels of a constitutional overhaul that will allow private companies to develop Mexico's crude reserves for the first time since the late 1930s.

The statement provided no further details, but Mexican television cited Lozoya as saying Pemex expected the agreement to enable it to boost oil and gas production at mature fields.

Read the rest at Fox News Latino

Photo: Getty Images

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!