A new natural gas pipeline will soon be fully operational south of the border where a new energy project will link production fields in the Gulf of Mexico to shipping yards in the Pacific Ocean.
Mexican President Enrique Peña-Nieto and other dignitaries traveled to Salina Cruz, Oaxaca, to inaugurate the project on Friday, January 2nd.
Peña-Nieto was on hand to open an interocean natural gas pipeline and oversee the beginning of construction of a fleet of ships for the project.
The natural gas pipeline extends 310 miles from Jaltipan, Veracruz (on the Gulf of Mexico), to a refinery in Salina Cruz, Oaxaca (on the Pacific Coast), according to Mexico’s national oil company Petróleos Mexicanos (PEMEX).
The $6 billion dollar project will reduce time required to move natural gas from productions areas in the Gulf of Mexico to the refinery from 16 days to seven. (See video below describing the project; disclaimer — it’s in Spanish.)
According to project plans, the interocean pipeline also eliminates the need for ships to use the Panama Canal and will quickly move natural gas to a fleet of ships that will take it to lucrative markets along the Pacific Ocean in Asia, North America and South America.
The inauguration comes at a time when gas prices have hit their lowest point in several years time.
Mexico recently opened its nationalized oil industry to foreign investment.
Nelson Balido with the San Antonio-based Energy Council of the Americas recently told the San Antonio Business Journal that Mexico’s booming manufacturing sector currently demands more natural gas than the nation produces.
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