Pemex in talks with China for $4bn fund

Mexico’s state-owned oil producer Petroleos Mexicanos is concluding negotiations with Chinese companies to create a fund valued at up to $4 billion to invest and finance projects, Bloomberg reported, citing a company statement. The proposed Sino-Mex Energy Fund would be the largest Chinese investment fund in Latin America. Pemex is seeking to increase sales to Asia and Europe to offset falling oil exports to the US, cited as a cause of weak economic growth in the first quarter, and is continuing to pursue new partners in the region.