Pemex, First Reserve announce $1-billion infrastructure agreement

MEXICO CITY -- Pemex and First Reserve have announced a $1-billion agreement to mutually invest in energy infrastructure for Mexico. 

The two organizations recently announced the first of such investments—the Los Ramones pipelines—which are expected to consist of 744 km of natural gas pipelines, creating an essential energy connection for Mexico.

Construction of the projects has already begun, with full commercial operations expected in mid-2016. Additional projects the two companies are pursuing include other large-scale essential infrastructure opportunities across the energy value chain.

The joint venture represents a significant milestone for both parties towards continuing to invest in energy infrastructure projects in Mexico and a statement of foreign confidence in the Mexican energy industry.

With this landmark partnership established, Pemex and First Reserve plan to invest capital in energy infrastructure projects throughout Mexico. These investments are expected to enhance the country's energy profile, lowering electricity prices and supporting Mexican industry.