Mexico announces possible oil alliance with Brazil

MEXICO CITY (AP) -- President Enrique Pena Nieto has announced that Mexico and Brazil are studying a possible alliance between their two state-owned oil companies.

Mexico's office of the presidency released information about the announcement Pena Nieto made Saturday at a summit of Latin American and European leaders in Santiago, Chile, after meeting with Brazilian President Dilma Rousseff.

The Mexican president says the possible partnership between Mexico's Pemex and Brazil's Petrobras could include the sharing of technology and working together on development programs.