Pemex plans JV to import US gas

Pemex headquarters, Mexico

Pemex headquarters, Mexico

31 July 2014, News Wires – Mex Gas Supply, a unit of Mexico’s Pemex, plans to form a joint venture with trading house Mercuria and JPMorgan Chase & Co to import natural gas from the United States, the Mexican state oil giant said on Wednesday according to a report.

JPMorgan is selling its physical commodities business to Mercuria for around $3.5 billion, a transaction will help move the Swiss firm into the top league of commodities traders, Reuters reported.

A Pemex representative said that JPMorgan’s role in the joint venture would be to provide financing. The representative said the joint venture was not yet finalised.

Pemex said the joint venture could become one of the top five players in the North American natural gas market. Operations are due to begin in the fourth quarter, Pemex said.



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