MADRID, Feb 26 (Reuters) - Repsol Chairman Antonio Brufau said on Wednesday that he has invited its third largest shareholder Pemex of Mexico to tighten the two companies’ business alliance.
Repsol and Pemex signed an industrial agreement two years ago but a tense relationship between the two firms has so far prevented the deal from bearing fruit.
“Yesterday we tried to improve the relationship with Pemex at the board meeting ... and I offered the representative of Pemex to sit with the company to start analysing all opportunities to cooperate,” Brufau said on a conference call.
Brufau also said that Repsol’s upstream business would not need to rely on cash from its downstream division to finance itself within one year. (Reporting by Tracy Rucinski; Editing by Julien Toyer)