OREANDA-NEWS. Mitsui & Co., Ltd., entered into an MOU with Mexican state-owned oil company Petroleos Mexicanos ("PEMEX") through two of its subsidiaries to collaboratively pursue the possibility of future business opportunities in hydrocarbon exploration and production, and in the marketing of natural gas and by-products and related infrastructure development.

Following a constitutional reform in December 2013, the undergoing Mexican Energy Reform will allow private investment in the country's oil and gas upstream sectors, once the secondary law is approved. Mitsui previously entered into an MOU with PEMEX in April 2013, aiming at cooperation and discussion among the parties about the energy projects, including natural gas. The recent Energy Reform prompted the parties to discuss and cooperate on a wider range of the energy sector, including upstream development and marketing to create the whole energy value chain.

Mexico has vast hydrocarbon reserves and its production is expected to grow through increased activities in deep water explorations and shale oil and gas development. Mitsui has been focused on business in Mexico and will continue to contribute to the growth of its society and economy