Mexican state oil monopoly Petroleos Mexicanos said Friday it signed an agreement with Singapore's Keppel Offshore & Marine to jointly build and operate a shipyard in the northeastern Mexican town of Altamira.

"Some 4,000 jobs will be created and there will be an initial economic benefit of $150 million," Pemex said in a statement.

The Mexican state-owned company said the joint venture deal would give it "a shipyard specialized in the construction, maintenance and repair of rigs and other large vessels" and the ability to "develop its shipbuilding and oil industry construction capabilities."

"With these types of initiatives, Pemex will boost domestic content in its purchases and develop greater construction capabilities in our country," it said.

The joint venture also will facilitate the development of a specialized labor force through training and development schemes run by Keppel, a leader in offshore rig design and construction.

In an initial phase, the shipyard will support the construction of six Keppel-designed KFELS B-class drilling rigs for Pemex's exploration and production unit, the Mexican company said.

Pemex also recalled that on July 25 it signed a $250 million agreement with Mexico's Navy Secretariat for the construction of 22 vessels for its minor fleet. EFE