Petroleos Mexicanos (Pemex) and BlackRock have signed a Memorandum of Understanding (MoU) to accelerate the efficient development and financing of energy related infrastructure projects in Mexico.
Through this MOU, BlackRock will provide industry expertise, risk management capabilities and sources of finance to support Pemex's mission to enhance its market position and maximize its value to Mexico.
Jose Manuel Carrera, Corporate Director of Strategic Partnerships and New Ventures at Pemex, commented:
"Through this MOU, Pemex will stimulate new projects with efficient financial solutions."
The Global Head of BlackRock Infrastructure, Jim Barry, stated the following:
"BlackRock is very excited to partner with Pemex in its pursuit of efficient financing solutions for its energy infrastructure project pipeline. In Mexico, where BlackRock is already the leading international asset manager with $25 billion of AUM, we are committed to building the leading infrastructure investment platform for the benefit of our local and international clients.”
BlackRock’s global Infrastructure platform manages more than US$6 billion in invested and committed assets in debt and equity strategies.
Armando Senra, BlackRock's Head of Latin America and Iberia, also said:
"We believe that Mexican infrastructure presents a substantial investment opportunity for our clients and builds on BlackRock's long-standing presence in Mexico while demonstrating the firm's on-going commitment to the region."
With 6 refineries, 8 petrochemical complexes and 9 gas processing complexes, Pemex is among the largest firms in Latin America and is the biggest tax contributor to the Mexican government. It is also one of the few fully integrated oil companies.
BlackRock has US$109 billion in investment and 100+ employees dedicated to Latin America with offices in Mexico, Brazil, Chile and Colombia. The firm's Mexico office consists of a 27-person team that manages US$25 billion in Assets Under Management (AUM).