New Delhi - Reliance Industries has signed an agreement with Mexican state-owned company, Petroleos Mexicanos (PEMEX) for cooperation in upstream oil and gas production as well as in refining business.

As per the Memorandum of Understanding (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," a company statement 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 MoU envisages sharing of RIL's pioneering expertise in deep-water development and best practices in East Coast of India and RIL's experience in shale gas in United States," it said.

RIL will also provide technical support and share experience with PEMEX for refining value maximisation and other technical optimisation strategies.

"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 organisational capabilities and expertise to create long-term value for Exploration and Production Business and for RIL on the whole," it added. (PTI)