Mexico, First Reserve strike $1B energy investment deal

Pemex First Reserve sign energy infrastructure deal

MEXICO CITY (AP) — Mexico’s state-run oil company and U.S.-based First Reserve are announcing a $1 billion deal to invest in the energy sector.

Petroleos Mexicanos says in a statement that the agreement covers potential projects including infrastructure, sea transport, cogeneration and processing.

First Reserve is a global private equity and energy infrastructure investment firm headquartered in Greenwich, Connecticut.

It said in a statement Tuesday that the two companies will invest in infrastructure projects throughout Mexico.

Last month, Pemex announced a $900 million deal with First Reserve and BlackRock in return for a 45 percent stake in a pipeline that will transport natural gas from Texas to Mexico.

Mexico passed a landmark energy reform last year opening up the sector to private investment for the first time in decades.

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