Pemex goes to buy a gas station in Tuxpan

May 16, 2023 | 8:55 a.m

Mexican oil (pemex) It is in talks with KKR to acquire the Monterra Energy fuel storage terminal located in Tuxpan, Veracruz, for $320 million, according to people familiar with the matter.

The operation is part of the strategy of the current federal administration, headed by President Andrés Manuel López Obrador, Strengthening the semi-governmental and granting the country independence in the field of energy.

It was Monterra Energy, based in Houston, Texas Founded by KKR to invest in the fuel sector in Mexico After the energy reforms implemented during the government of Enrique Peña Nieto opened the doors to private capital.

So far, neither the US company nor the Mexican parastatal has issued a position on the matter.

Read more: Pemex is considering another return to the debt markets for financing apart from its investment spending in 2023

problems with the authorities

Since López Obrador’s accession to the presidency, Monterra Energy has faced regulatory hurdlesin a context in which they sought to halt the energy reforms left over by his predecessor and favored both Pemex and the Federal Electricity Commission (CFE).

After a surprise check in 2021, he rose The organizers shut down the station for about a year.

In February 2022, Monterra Energy threatened legal action on the grounds that the action had taken place The treaty between Mexico, the United States and Canada was violated (USMCA).

He also noted that Economic damage could reach $667 million.

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With information from Bloomberg