Mexico's Pemex to Sign Energy Cooperation Deal with Brazil's Petrobras

Mexican President Claudia Sheinbaum announced that a delegation, including members from the state-owned oil company Petróleos Mexicanos (Pemex) and the Ministry of Energy, will travel to Brazil next week to sign an agreement with Brazil's state-owned oil firm, Petrobras.

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The team leaves on Monday, I think the director of Pemex also goes, and a team from the Ministry of Energy to be able to (...) make a first signature

Sheinbaum stated that the team, likely including Pemex Director Juan Carlos Carpio Fragoso, is set to depart on Monday for the signing of a first memorandum of understanding. While she will not be traveling to Brazil for this initial signing due to commitments in Mexico, she indicated that a consultation with the Federal Executive's legal counsel would determine if presidential signatures from both Mexico and Brazil are necessary.

This forthcoming agreement is poised to initiate a "very close collaboration" between Pemex and Petrobras, two of Latin America's largest state-run oil companies. Sheinbaum anticipates that this partnership will lead to significant developments to be announced soon. The collaboration is expected to span strategic areas within the energy sector, encompassing crude oil exploration and production, refining processes, and the development of alternative fuels, particularly biofuels like biodiesel and ethanol, where Brazil holds a leading global position.

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there are many issues and we have to be here (in Mexico)

In preparation for this alliance, Sheinbaum has already held meetings with high-ranking Petrobras officials, including its president, Magda Chambriard. This initiative aligns with the Mexican government's broader strategy to diversify regional energy partnerships and accelerate the transition towards alternative fuel sources.

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this will mark the beginning of a very close collaboration between Petrobras and Pemex, two of the largest state-owned oil companies in Latin America, in addition to the development of very important work that will be announced soon.