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27-10-2014

Pemex and Chevron sign cooperation agreement

State-owned oil giant Petroleos Mexicanos, or Pemex, said it signed a cooperation agreement with U.S. supermajor Chevron Corp. to seek petroleum industry opportunities that are beneficial for both parties.

The memorandum of understanding, which was signed in Mexico City, acknowledges the long relationship between the companies, Pemex said in a statement.

The companies plan to look at deepwater exploration, production of heavy crude oil, the revitalization of mature fields, natural gas exploration opportunities, refining and fuel distribution, Pemex said.

Pemex and Chevron are committed to promoting environmental stewardship and sustainable development, as well as to reducing emissions of greenhouse gases, the state-owned oil company said.

The agreement calls for joint activities to develop human resources and improve workplace safety, Pemex said.

The oil industry overhaul approved in Mexico over the past year requires Pemex to become a competitive state-owned company with the technological and financial resources to go up against the world's largest energy companies.

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