Pemex pipeline sale symbolizes reforms

摘要

Houston—Pemex’s sale of a 45% stake in a natural gas pipeline to US investment funds BlackRock and First Reserve earlier this month symbolizes what the newly reformed Mexican company hopes to do on a wider scale in the future, Pemex’s CEO said Tuesday at IHS CERAWeek. The $900 million sale “is the first large step in monetizing assets and bringing partners to midstream,” Emilio Lozoya said. “It symbolizes what Pemex will be seen doing in the coming months: bringing partners into the value chain.” Pemex will spin off tens of thousands of kilometers of pipelines, a fertilizer division and an oil services division, Lozoya said, as part of sweeping reforms approved in late 2013. The reforms include opening the upstream sector to private investment for the first time in over 75 years.