MEXICO CITY, April 11 (UPI) -- French energy company GDF Suez said Friday it signed a memorandum of understanding to develop natural gas prospects in Mexico.
Gerard Mestrallat, chairman of GDF Suez, signed the measure Friday with Emilio Lozoya, his counterpart at state-owned Petroleos Mexicanos, known also as PEMEX.
"For GDF Suez, the signing of this memorandum illustrates the participation of our group in developing energy infrastructure in Mexico," Mestrallat said in a statement. "A central part of our strategy is to accelerate our presence in fast growing markets, and Mexico is clearly a very attractive one."
PEMEX said in a separate statement the deal with the French energy company lays the foundation for the development of technology that would help curb climate change through energy efficiency efforts and the overall reduction of greenhouse gases.
The deal is the first of its kind for GDF Suez and extends for two years. The French company said it has an established presence in the Mexican energy sector, however, with a total installed capacity of 279 megawatts from three separate power facilities.