Under the terms of the MoU, RIL will cooperate with PEMEX for assessment of potential upstream oil and gas business opportunities in Mexico
Reliance Industries Friday said it has signed a Memorandum of Understanding (MoU) with Mexican state owned company, Petroleos Mexicanos (PEMEX)
Under the terms of the MoU, RIL will cooperate with PEMEX for assessment of potential upstream oil and gas business opportunities in Mexico and jointly evaluate value added opportunities in international markets, said the Reliance Industries media release.
"RIL's cooperation with PEMEX is in line with its growth strategy to explore opportunities to expand its international asset base in regimes having internationally attractive competitive terms. The company hopes to leverage its organizational capabilities and expertise to create long term value for exploration and production business and for RIL on the whole," the release said.
The MoU envisages sharing of RIL's pioneering expertise in deepwater development & best practices in East Coast of India and RIL's experience in shale gas in United States, the release said.
RIL and PEMEX will also share expertise and skills in the relevant areas of oil and gas industry including for deep-water oil and gas exploration and production, the release said.
Also read: Crude price at $60-70/bbl best for India's billion: Ambani
Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.
Reliance stock price
On December 05, 2014, at 11:13 hrs Reliance Industries was quoting at Rs 963.65, up Rs 5.10, or 0.53 percent. The 52-week high of the share was Rs 1142.50 and the 52-week low was Rs 794.00.
The company's trailing 12-month (TTM) EPS was at Rs 69.65 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 13.84. The latest book value of the company is Rs 609.19 per share. At current value, the price-to-book value of the company is 1.58.
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