(MENAFN) US giant NuStar Energy and PMI, an affiliate of Mexico's state oil firm Pemex, have signed a letter of intent to form a joint venture to lay pipelines, Xinhua reported.
The pipeline infrastructure is designed to transport liquefied petroleum gases (LPGs) and refined products from the US into northern Mexico to meet the region's growing demand for these products.
"This marks the first alliance between Mexican and US oil companies to spur infrastructure projects and will promote investment and draw foreign investment to Mexico," PMI General Director said.
The two firms will jointly finance the construction of an LPG duct and storage facilities, and NuStar will manage and operate them, the companies said in a statement.
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