9th Jun 2015 07:55
LONDON (Alliance News) - Northcote Energy Ltd Tuesday said it has incorporated a Mexican subsidiary to work with its joint venture partner in the country to develop opportunities in the newly opened market.
The Mexican energy sector has recently been opened up to foreign companies after around 76 years of a state monopoly, and Northcote said the subsidiary, Northcote Mexico S de RL de CV, will work with partner Gaia Ecologica SA and will serve as the primary operating company for its projects and ventures in Mexico.
The joint venture between Northcote and Gaia was established in March to secure contracts and business opportunities ranging from oil field services, environmental remediation, waste water treatment to oil and gas development concessions and production sharing agreements in Mexico.
"The partners are reviewing a number of potential investments, the most advanced of which is the construction of a plant to remediate rock, water and other waste generated in the drilling and workover of oil wells," said Northcote.
Northcote shares were up 1.0% to 0.232 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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