Repsol and Pemex Moving to Closer Co-operation
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Friday, 27 January 2012 |
Mexico’s state-run oil firm, Pemex, has said that it is making progress on an industrial accord with Repsol YPF following a long boardroom battle. The proposed agreement will see Pemex maintaining its stake in Repsol at between 5% and 10%, while the two sides will also seek opportunities to collaborate on mutually beneficial projects.
In a company statement, Pemex confirmed that the proposed memorandum of understanding had been advanced, and that the proposed alliance with the Spanish oil major included long-term, non-exclusive cooperation. Repsol, the company proposed, would act as an ally in evaluating and promoting business opportunities for ten years within the limits of the Mexican constitution.
Pemex has previously sought closer cooperation with Repsol through an alliance with Sacyr, a major shareholder in the firm. After the two companies jointly reached a stake of nearly 30% in Repsol, they jointly lobbied for changes to management and long-term strategy. However, Sacyr was forced to sell half of its stake, representing 10% of Repsol’s shares, to refinance loans.
PetrolWorld 27012012
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