Mexico’s state-owned oil company Pemex has inked an initial line of credit for exploration and production projects as well as offshore acquisitions with Chinese bank ICBC, the company said in a statement on Thursday.
The line of credit was announced along with non-commercial agreements between Pemex and China Development Bank as well as the China National Offshore Oil Corporation, or CNOOC Group, one of China’s largest oil companies.
China and Mexico will set up a $2.4-billion investment fund to support infrastructure, mining, and energy projects and are eyeing an oil deal worth up to $5 billion, Mexican President Enrique Peña Nieto said on Thursday.
Since Peña Nieto took office in late 2012, he has sought to forge closer ties with China following years of rivalry between the two countries seeking to supply the U.S. market.
“I want to stress that the basis of our relationship is trust,” Peña Nieto told reporters in Beijing after meeting Chinese President Xi Jinping.
“Now Mexico-China relations are broader, more stable, more productive and more beneficial for our people.”
Peña Nieto also said three Chinese firms would invest up to $5 billion to finance projects for Mexican oil company Pemex, including the Ramones pipeline.
Peña Nieto and Xi oversaw the signing of 14 pacts, including the China Development Bank deal with Bancomext and Pemex to help with petroleum projects, as well as between Industrial and Commercial Bank of China and Pemex and Chinese oil giant CNOOC.
No details of any of the agreements were provided.
Peña Nieto also did not mention in his public comments Mexico’s abrupt rescinding of a $3.75-billion high-speed rail deal originally awarded to a Chinese-led consortium.
more recommended stories
Expats Feel at Home in Mexico; InterNations Survey
InterNations.org recently released the results of.
Through the implementation of AMLO’s austerity plan, the government could save 132 billion pesos in 2019
As wages for high government officials.
Japanese delegation comes to Mérida to strengthen bilateral relationship
The project of the Chicxulub crater.
First house entirely made of Sargassum built by Mexican inventor in Quintana Roo
PUERTO MORELOS, Q. Roo, September 20,.
Protests in Homun, Yucatan against the opening of mega pig farm
On Friday September 21, the conflict.
Day of the Dead Parade Mexico City, three years stunning the world
For the third year in a.
Viva Aerobus announces new direct flights between Cancun and the U.S.
Viva Aerobus, the ultra low cost.
Vessel control centers urgently needed in Quintana Roo
“A control center like the one.
Photographic festival coming to Mérida in November
For the first time, the Mérida.
Trump demands a border wall but many congressional Republicans just not into it
WASHINGTON DC – President Donald Trump.