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Pemex Unit Plans JV to Import U.S. Natural Gas

Source: Reuters 7/30/2014, Location: South America

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.

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.

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 finalized.

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

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