Pemex, First Reserve ink US$1B cooperation agreement

Petroleos Mexicanos (Pemex) and First Reserve, a global private equity and infrastructure investment firm exclusively focused on energy, have signed a US$1 billion agreement to mutually invest in energy infrastructure for Mexico.

The first of such investments, in the Los Ramones pipelines, was announced in March. Construction on the expected 744 kilometers of natural gas pipelines has begun and full commercial operations are expected in mid-2016.

William Macaulay, chairman and co-CEO of First Reserve, commented, "As global investors, First Reserve is excited to be expanding our existing portfolio in Mexico, where we have believed there to be attractive investment opportunities for some time. Through formal collaboration with Pemex, we feel we have gained substantial access to a region with strong supportive macro dynamics alongside a motivated and accomplished partner. “

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