Energía Mayakan, a subsidiary of GDF SUEZ Mexico and GE Energy Financial Services announced that Mexico’s Yucatan Peninsula is now poised to receive more natural gas for cleaner electric power generation from an extension of the Mayakan pipeline.
GE Energy Financial Services is extending its 700-km-long, 24-to-16-inch-diameter Mayakan pipeline to switch power plants in the Yucatan Peninsula from burning diesel and fuel oil to cleaner and less expensive natural gas.
GDF SUEZ Mexico is investing about US$92 million for a 67.5% equity stake in the pipeline, while GE Energy Financial Services is supplying about US$44 million for a 32.5% stake. No debt financing is involved. Preparations for the construction – to be carried out by Mexico’s Arendal – are under way, with completion of the pipeline extension slated for June 2014.
“This investment helps Mexico strengthen its natural gas infrastructure in the kind of critical, contracted, long-lived midstream assets we know well,” said Alex Urquhart, President and CEO of GE Energy Financial Services.
GDF SUEZ Mexico’s CEO, Germain Manchon , commented, “For GDF SUEZ, this project is proof of our company’s commitment to increase our operations and investment in Mexico.”
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LNG World News Staff, June 27, 2013; Image: GDF