Mexico to invest $10B on energy infrastructure
Plans include pipeline from Texas.
Oil & Gas
gulf of mexico
natural gas pipeline
MEXICO CITY — The Mexican government has announced plans for nearly $10 billion worth of electricity and natural gas infrastructure projects, including a gas pipeline under the Gulf of Mexico from Texas to the port of Veracruz.
The Federal Electricity Commission said that the costliest project would be the 500-mile underwater pipeline for carrying natural gas from South Texas. The pipeline is intended to go into operation in June 2018.
Officials hope that facilitating the importation of cheap natural gas will help lower Mexico’s electricity rates.
Other projects include power plants, electricity distribution, transmission lines and electrical substations.
Mexico passed a broad overhaul of its energy sector last year aimed in part at attracting more investment to electricity and petroleum.
© 2015 The Associated Press