Mexico in Brief
From Mexico in Brief Newsletter
ACTINVER TO LAUNCH FIRST INVESTMENT FUND FOR AI.
Mexico-based financial services company Actinver will launch the first investment fund dedicated to technology in Mexico, in which Artificial Intelligence and investment in disruptive technology companies are the most interesting topics within the project.
INTERJET TO BUY 20 NEW AIRBUS A-320 AIRCRAFT.
Mexican airline Interjet announced the expansion of its fleet in the next five years, through its acquisition of 20 new Airbus A-320, for approximately U.S.$1 billion. According to Interjet’s projections, the new aircraft will increase capacity by more than 3.6 million annual seats in the next three years.
PETROBAL TO INVEST IN OIL WELLS IN MEXICO.
Petrobal, a new Mexican company focused on the exploration and production of hydrocarbons, announced plans to invest approximately U.S.$150 million in the development of two oil wells and start oil extraction in the first quarter of 2020.
HANWHA SECURES FINANCING FOR POWER PLANT IN MEXICO.
An affiliate of South Korea-based Hanwha Group, 174 Power Global, has secured approximately U.S.$74 million of financing for a new project regarding a 101-MW photovoltaic power plant in Mexico. The financing was made possible by Mexico-based Banco de Comercio Exterior, or Bancomext, and the Korea Development Bank.
CFE TO INVEST IN INFRASTRUCTURE IN MEXICO.
The State-owned Mexican electric utility company, Comisión Federal de Electricidad, announced an investment of approximately U.S.$50 million in the construction & improvement of the infrastructure to meet the growth of energy demand in the Mexican Bajío region.
WALMART ACQUIRES CORNERSHOP.
Walmart, Inc., multinational retail corporation, announced the acquisition of Cornershop, a leading online marketplace for on-demand delivery in Mexico and Chile, for approximately U.S.$225 million. The transaction is an important step for Walmart in accelerating the company’s omnichannel capabilities and growth in Latin America.
CRE SIMPLIFIES NATURAL GAS TRANSPORTATION AND STORAGE RULES.
The Mexican Energy Regulatory Commission, or CRE, amended the Natural Gas Open Access Rules in order to simplify the open season process and the secondary capacity market regulations. Read our special analysis on these amendments here.
MEXICO PRESIDENT-ELECT PLANS ON THE ENERGY INDUSTRY.
Andres Manuel Lopez Obrador, Mexico´s president-elect, announced that his government would launch tenders for drilling oil wells from the first days of December as part of a plan to quickly increase the nation’s crude output. Likewise, the proposed head of the government office, Alfonso Romo, has confirmed that the intention of the new government is to enhance the benefits that the Energy Reform shall cause, and for such reason, Mr. Romo has confirmed that most of the energy contracts have been reviewed and the incoming government has no intention to cancel them.