Petroleos Mexicanos, the state-owned oil producer, is negotiating with Chinese companies to create a fund valued at as much as $4 billion to invest and finance projects, Bloomberg said on May 28.
The proposed arrangement is in a “final stage of negotiations,” Pemex, as the Mexico City-based oil producer is known, said in an e-mailed statement yesterday, correcting an earlier filing that said a deal had already been signed.
The Sino-Mex Energy Fund would be the largest Chinese investment fund in Latin America, according to the earlier statement sent to the Mexican Stock Exchange. The prospective agreement between Pemex’s international unit PMI Comercio Internacional and Xinxing Ductile Iron Pipes (000778), SPF Capital Hong Kong Ltd. and other Chinese companies would be used to finance large-scale projects and create jobs.
Copyright: Bloomberg, 2014