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A newly invigorated Kuwait Foreign Petroleum Exploration Company (Kufpec) is on a roll in North America. Just weeks after spending $1.5bn to secure a 30% stake in Chevron’s Duvernay shale assets in Canada (MEES, 10 October), Kufpec now has its eyes trained on the Mexican oil and gas industry – which only recently opened up to foreign investment.
Kufpec, the overseas upstream arm of state-owned Kuwait Petroleum Corporation (KPC), this week signed a Memorandum of Understanding (MOU) with PMI Comercio International, a subsidiary of Mexican state oil and gas giant Pemex.
PMI Comercio is involved in oil and oil products trading and development of oil and gas infrastructure on behalf of its parent. The agreement was signed during Kufpec CEO Shaikh Nawaf al-Sabah’s visit to Mexico City in the presence of Pemex CEO, Emilio Lozoya Austin.
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