MEXICO CITY and HOUSTON, June 19, 2024 (GLOBE NEWSWIRE) — Mexico Pacific (“Mexico Pacific” or the “Company”), owner of the Saguaro Energía LNG facility and associated Sierra Madre Pipeline, today announced that it has signed an agreement with affiliates of Comisión Federal de Electricidad (“CFE”), Mexico’s state-owned natural gas and power utility, pursuant to which Mexico Pacific will make unprecedented social investments in the Mexican States of Sonora and Chihuahua (“Social Investment Agreement”). The Social Investment Agreement establishes mechanisms for the creation of dedicated trusts governed by representatives of Mexico Pacific, CFE, and State governments, to allocate and implement the social investments.
Following extensive community engagement and consultations, Mexico Pacific, CFE, State and Municipal authorities have carried out a needs analysis and established six areas of focus for social investments: community infrastructure, skills development, education, security and peace, environment, and health. Approximately half of the investments will be made in communities along the route of Mexico Pacific’s Sierra Madre Pipeline, which spans six municipalities in Chihuahua and ten municipalities in Sonora. The other portion of the investments will be made in Puerto Libertad, a precinct of the Municipality of Pitiquito in the State of Sonora, where Mexico Pacific’s Saguaro Energía LNG facility will be constructed.
“At Mexico Pacific, we are proud to have consciously designed our Saguaro Energía LNG facility and the supporting Sierra Madre pipeline to achieve positive environmental and social outcomes, complementing the material economic benefits they will bring to the region. A testament to our long-term commitment to communities, this Social Investment Agreement provides for unprecedented investment in community infrastructure and high-impact social programs, which will have a lasting positive effect on the sixteen municipalities in Chihuahua and Sonora in which we will build and operate our facilities,” said Sarah Bairstow, Mexico Pacific’s Chief Executive Officer. “We are pleased to be working collaboratively with our partner, CFE, the State governments and people of Sonora and Chihuahua who share our vision, and look forward to delivering world-class infrastructure that strengthens global energy security, reduces emissions, and improves the lives of so many people in Mexico and around the world.”
The Social Investment Agreement builds upon the existing strategic alliance among Mexico Pacific, CFEnergía, and CFE International that includes the supply of natural gas delivered from the Permian Basin into Mexico Pacific’s pipeline in the U.S. and via CFE pipelines to the Saguaro Energía LNG facility in Puerto Libertad, Sonora, Mexico. With this commitment to social investments throughout the construction and operations phases of its energy infrastructure projects, Mexico Pacific will have a meaningful and sustained positive impact on the health and prosperity of future generations in Mexico.
With three liquefaction trains commercially contracted, strong support from governments and capital markets, and key federal, state, and municipal permits in place across the Saguaro Energía LNG facility and the Sierra Madre Pipeline, Mexico Pacific anticipates achieving a final investment decision (FID) in 2024. Together, these developments comprise the largest private investment in Mexico and a foundational pillar of the Sonora Plan that promotes clean energy development, investment, and economic prosperity for the region.
About Mexico Pacific
Mexico Pacific’s anchor project, the 15 mtpa Saguaro Energía LNG Facility, is the most advanced LNG development project on the West Coast of North America. The Saguaro Energía LNG Facility achieves significant cost and logistical advantages resulting in the lowest landed price of North American LNG into Asia by leveraging low-cost natural gas sourced from the nearby Permian Basin and a significantly shorter shipping route avoiding Panama Canal transit risk. More information is available at http://www.mexicopacific.com.
Contact
Allison Clark
Director, Communications & Branding
aclark@mexicopacific.com
+1-713-427-2764
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