Great Britain has agreed to open a credit line to Pemex, Mexico’s oil company. The line of credit will be worth one billion dollars and reserved for joint ventures.
The extensive line of credit will help increase financing options for Pemex while promoting the development Mexico’s energy sector.
During President Enrique Peña Nieto’s UK tour, Mexico and Britain signed a total of 31 agreements in the areas of security, defense, climate change, tourism, health, culture, energy, political dialogue, trades and investments as well as human rights.
The United Kingdom is Mexico’s fourth source of investment among the EU countries and is Mexico’s sixth commercial partner with US$3.9 million in bilaterial trade in 2013.
Major UK investors in Mexico include Astra-Zeneca, Royal and Sun Alliance, Glaxo SmithKline, Provident and HSBC. In the UK, Mexican companies including Mexichem, Cemex, El Faroliot and Gruma exist.