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.
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