Maersk bullish on Latin America, eyes Mexico's deep water oil

Tue Oct 1, 2013 5:05pm EDT
 
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By David Alire Garcia and Dave Graham

MEXICO CITY (Reuters) - Danish oil and shipping group A.P. Moller-Maersk (MAERSKb.CO: Quote) sees big investment potential in Latin America, including deep water oil projects and ports in Mexico, its chief executive said on Tuesday.

In an interview with Reuters, Maersk's Chief Executive Nils Andersen said the company was closely monitoring Mexico's efforts to enact a bill to open up the oil industry to more private investment submitted to Congress last month.

"At the moment, we're discussing deep water drilling. We think there is a big market for that," said Andersen.

Mexican President Enrique Pena Nieto is hoping to attract big investors to the country to ramp up oil production, which has fallen by around a quarter since 2004.

Oil majors are following the progress of the energy bill closely, and Andersen said his company would wait and see how the legislation turned out before making any commitments.

Still, during a two-day trip to Mexico, Andersen said he had met the country's economy, transport and energy ministers, as well as the CEO of state oil monopoly Pemex PEMX.UL.

And Andersen was upbeat about Latin America.

"It's undersupplied with infrastructure. That's why we're investing in Peru, that's why we're investing in Costa Rica, we're building in Brazil and would potentially be interested in more ports in Brazil," Andersen said.   Continued...

 
Nils Smedegaard Andersen Group Chief Executive Officer of A.P. Moller-Maersk attends the annual meeting of the World Economic Forum (WEF) in Davos January 26, 2013. REUTERS/Pascal Lauener