Mexico’s Pemex On The Hunt For Gulf Investment

Mexican state firm Pemex is looking for foreign investment. Gulf NOCs appear to be a key target.

Mexico is rapidly phasing out the 75-year monopoly of state firm, Petróleos Mexicanos (Pemex), opening the door to foreign investment in the country’s oil and gas sector. As Gulf NOCs expand their global reach, downstream investments in Mexico are particularly attractive.

A Pemex delegation visited the UAE and Qatar for the first time this week, meeting with representatives of Abu Dhabi state firms Mubadala and International Petroleum Investment Company (IPIC). A Mexican official in Abu Dhabi tells MEES that these were preliminary discussions, an “exchange of points of view.” But Pemex’s interest in the Gulf fuels speculation about the role Gulf companies may play in the newly opened Mexican oil industry: “They came to Abu Dhabi to know details, but there’s potential for investment following the recent reforms,” the official says. (CONTINUED - 717 WORDS)