Published On: Tue, Apr 7th, 2015

First Reserve Signs $1 Billion USD Agreement With Pemex

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According to The Wall Street Journal, American private equity firm First Reserve Corp. signed an agreement with Mexican state oil company Petróleos Mexicanos (PEMEX) to jointly invest $1 billion in energy projects, taking advantage of the recent opening of the country’s energy industry, the companies officially announced on Tuesday April 7th, 2015.

The projects include First Reserve’s recent investment, along with BlackRock Inc., for a 45% stake in Pemex’s “Los Ramones II” natural gas pipeline project.

 


 

The cooperation agreement aims to develop energy infrastructure, transportation and processing projects.


 

Petroleos Mexicanos complex located on the continental shelf in the Gulf of Mexico. (PHOTO: BLOOMBERG NEWS)

Petroleos Mexicanos complex located on the continental shelf in the Gulf of Mexico. (PHOTO: BLOOMBERG NEWS)

Last month, First Reserve and BlackRock Inc took a joint stake worth about US$900 million in the second phase of Mexican pipeline project “Los Ramones”.


 

The cooperation agreement worth up to US$1 billion to develop energy infrastructure, transportation and processing project.

 

Pemex said the agreement will give the state company access to financing and the exchange of technical and operational experience. Areas for investment include infrastructure, maritime transport and power cogeneration.

 

Sources:

Mexico Travel Care

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