Pemex closes in on another sale and leaseback deal with a US equity firm

For the second time in a week Mexico’s troubled state oil firm Pemex is close to making a significant sale and leaseback deal with a US-based equity firm, according to Bloomberg, quoting inside sources.

The deal, with private equity business First Reserve, is valued at around $500m for infrastructure assets of the oil firm, which is going through tumultuous financial problems because of the oil-price decline.

First Reserve, with offices in Greenwich, Connecticut, and in Houston, Texas, specializes in leveraged buyouts and growth capital investments in the energy sector.

Last week Pemex did a similar deal valued at $1.2bn with New York firm Kohlberg, Kravis and Roberts (KKR).

Apart from the weak oil market, Pemex has been hit by gradually being stripped of its monopoly position in Mexico’s oil production industry as part of government reforms of the energy sector.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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