Petroleos Mexicanos (Pemex) and First Reserve announced a US$1 billion agreement to mutually invest in energy infrastructure for Mexico. The first of the investments includes the 744-km natural gas Los Ramones pipeline that is comprised of three sections and is being implemented in two phases.
Construction of the projects has already begun with full commercial operations expected in mid-2016. The companies are also planning large-scale infrastructure opportunities.
William Macaulay, chairman and Co-CEO of First Reserve, said, “As global investors, First Reserve is expanding our existing portfolio in Mexico where we have believe there to be attractive investment opportunities for some time.”