White & Case Advises BlackRock and First Reserve in 45% Stake of Two Pipelines from Pemex
Deal Represents First Major Investment Since Mexico's Energy Reform
Global law firm White & Case LLP represented BlackRock Inc. and First Reserve in acquiring a 45% equity interest in two natural gas pipelines in Mexico from PMI, a unit of state-owned oil and gas company Petróleos Mexicanos, or Pemex.
The two natural gas pipelines, Los Ramones Phase II North and Los Ramones Phase II South (known collectively as the Los Ramones II Projects) would be the first major PEMEX-sponsored midstream assets to be built in partnership with foreign capital since the approval of Mexico's Constitutional Energy Reform in 2013.
The projects include the building and operation of 462 miles of pipelines, which will transport natural gas from South Texas to central Mexico. Construction began last year and the pipelines are expected to begin commercial operations in mid-2016 with a capacity of 1.4 billion cubic feet equivalent per day.
The White & Case deal team included Vicente Corta Fernández and José Ignacio Segura Alonso both of the Firm's Mexico City office.
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