Billions for Mexican projects
Print Edition
CHINA and Mexico are to set up a US$2.4 billion investment fund to support infrastructure, mining and energy projects and are eyeing an oil deal worth up to US$5 billion, Mexican President Enrique Pena Nieto said yesterday.
Since Pena Nieto took office in late 2012, he has sought to forge closer ties with China.
“I want to stress that the basis of our relationship is trust,” Pena Nieto told reporters in Beijing after meeting Chinese President Xi Jinping.
“Now Mexico-China relations are broader, more stable, more productive and more beneficial for our people.”
Pena Nieto also said three Chinese firms would invest up to US$5 billion to finance projects for Mexican oil company Pemex, including the Ramones pipeline. Pena Nieto and Xi oversaw the signing of 14 pacts, including a China Development Bank deal with Bancomex and Pemex to help with petroleum projects, as well as between Industrial and Commercial Bank of China and Pemex and Chinese oil giant CNOOC.
No details of any of the agreements were released.
Pena Nieto also did not mention Mexico’s abrupt rescinding of a US$3.75 billion high-speed rail deal originally awarded to a Chinese-led consortium.
The consortium was led by rail builder China Railway Construction Corp and included Mexican companies and Chinese train maker CSR Corp.
Mexico canceled the deal last week after lawmakers alleged that the railway contract was rigged. China has expressed shock at the cancelation, and Chinese Premier Li Keqiang told Pena Nieto earlier this week that Chinese firms should be treated fairly.
China’s commerce ministry said on Wednesday that it believed there were legal grounds for compensation after the agreement was canceled.
Citing Mexico’s public works act, the ministry said on its website that the successful bidder was owed compensation, a sum which the law did not stipulate, if the government decided against signing a contract.
The bidder was eligible to be compensated for the cost of preparing its proposal, the Chinese ministry added, without stating a figure.
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