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Ex-Brasilian president Lula da Silva believes that Mexico's and Brasil's oil monopolies should form a strategic partnership to work together for market growth and to further technological developments.
In Acapulco, Lula wants the two governments to discuss the concept of exploring for oil “in other regions around the world with more competitive markets and to becoming more competitive, more profitable and larger Latin American companies.”
Oil giant Petrobras is a world leader in deep-water drilling while Pemex’s output has stagnated from aging fields and few new discoveries.
