Reliance Industries (RIL), a leading private sector enterprise with businesses in the energy and materials value chain, and the Mexican state owned company, Petroleos Mexicanos (PEMEX) have entered into a memorandum of Understanding (MoU). As per 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.

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 deepwater development & best practices in East Coast of India and RIL's experience in share gas in United States.

The signing of the MoU marks further strengthening of the long standing relationship between RIL and PEMEX.

Shares of the company gained Rs 2.95, or 0.31%, to trade at  Rs 961.50.  The total volume of shares traded  was  45,210 at the BSE (10.15 a.m., Friday).