Canadian banking giant Scotiabank plans to finance oil industry projects worth $10 billion in Mexico over the next four years, a high-level executive said.
Oil giants BP and ExxonMobil are among the companies interested in developing projects in the Gulf of Mexico, Scotiabank’s Latin America director, Paul D’Agata, told Efe.
A large number of mid-sized firms will participate in the huge oil projects, D’Agata, who attended the 77th Mexican Bankers Association, or ABM, annual convention in the Pacific resort city of Acapulco, said.
Scotiabank has provided financing for some of the world’s largest companies in the mining, infrastructure, automotive and other industries, the banker said.
The bank has helped companies in these sectors obtain about $10 billion in financing in the past three or four years, D’Agata said.
Mexico’s Lamosa obtained $900 million in financing, while Cementos Chihuahua received $260 million, the Scotiabank executive said.
Scotiabank’s investment portfolio has grown about 20 percent this year, D’Agata said, adding that it could finish 2014 up 30 percent.
Scotiabank has experience working with the oil industry in the western Canadian province of Alberta, which has estimated petroleum reserves of 350 billion barrels, the executive said. EFE
bu Fox News Latino
Trending News on PVDN
The Connection Between the Jalisco Cartel, Missing Employees at Call Center, 45 Bags of Body Parts, Timeshare Scams, and American Tourists PUERTO VALLARTA (PVDN) - More than a week after the initial disappearance of eight young workers at a call center in Zapopan, Jalisco, the case continues to be shrouded in mystery, leaving families distraught and demanding answers. The Jalisco Prosecutor's Office has made little progress in the investigation, according to the relatives of the missing…
Shocking Case of Animal Abuse in Mexico: Man Throws Dog into Boiling Fry Oil PUERTO VALLARTA (PVDN) - A disturbing incident of animal abuse has sent shockwaves throughout Mexico, as a man allegedly threw a dog into a pot of boiling oil, resulting in the animal's tragic death. Authorities have detained the suspect for the assault on the dog and have issued an additional arrest warrant on charges of…
Thrill-Seeking Tourist in Puerto Vallarta is Rescued After Parachute Accident on Los Muertos Beach Puerto Vallarta (PVDN) - A woman was rescued after her parachute got entangled in a palm tree on the popular Los Muertos Beach in an incident that highlighted a growing concern over the lack of regulation in tourist activities in Puerto Vallarta. The incident unfolded during one of the city's burgeoning recreational pursuits frequently indulged…
It’s Getting a Little More Expensive for Americans Living in Mexico, Peso Surges to Over Seven-Year High Puerto Vallarta (PVDN) - The Mexican peso reached its highest level in more than seven years on Friday, June 2, driven by positive employment data from the United States. The country's stock market also experienced a notable rise as fears of a recession in the US diminished. At the close of trading, the peso was…
Popocatépetl Volcano Exhibits Increased Activity; Yellow Phase 3 Alert Continues PUERTO VALLARTA (PVDN) - In the past 24 hours, heightened activity was recorded from Mexico's Popocatépetl volcano, with an alarming 315 exhalations detected, accompanied by water vapor, other volcanic gases, and ash, according to the Scientific Advisory Committee (CCA) of the National Civil Protection System (SINAPROC). Monitoring systems in place around the active stratovolcano also…
Puerto Vallarta Celebrates 105 Years as Municipality, 55 as City with Grand Anniversary Celebration PUERTO VALLARTA (PVDN) - Puerto Vallarta, one of the nation's favorite tourist destinations, celebrated the 105th anniversary of its elevation to a municipality and its 55th year as a city with a solemn session held in the central courtyard of the city's presidency. Presiding over the commemorative event was Mayor, Professor Luis Alberto Michel Rodríguez,…- 45 Bags of Human Remains Discovered in Jalisco PUERTO VALLARTA (PVDN) - A chilling discovery of 45 bags filled with human remains in a deep ravine in the El Mirador del Bosque neighborhood of Zapopan has escalated the search for seven missing youths last seen at a local call center. The Jalisco Attorney General's Office confirmed late Wednesday that the gruesome discovery was…
Popocatépetl Volcano Remains Active with 219 Exhalations in 24 hours – June 1, 2023 PUERTO VALLARTA (PVDN) - The Popocatépetl volcano, one of Mexico's most active, has continued to manifest its activity, with monitoring systems detecting 219 exhalations in the past 24 hours. These exhalations were accompanied by water vapor, other volcanic gases, and sometimes minimal amounts of ash, as depicted in recent images and video footage. The tremor…
Hurricane Season Commences with Potential Tropical Storm Arlene Impacting Mexico’s Weather PUERTO VALLARTA (PVDN) - The first tropical cyclone of the season has formed, marking the beginning of the Atlantic hurricane season, as stated by the National Water Commission (Conagua) in Mexico. The depression, poised to evolve into Tropical Storm Arlene, is currently located 490 km from Fort Myer, Florida, United States, and 710 km from…
Mother Pleads for Expedited Investigation into Disappearance of Son Following Vallarta Pride Celebration PUERTO VALLARTA (PVDN) – One week after the disappearance of 32-year-old Michel Rubén Castro Guizar, who attended the Vallarta Pride celebration in Puerto Vallarta, his mother Bacilia Guizar pleads with authorities to accelerate the investigation and search efforts. In an emotional press conference outside her house at 114 March 18th Street, October 12th neighborhood, Guizar…
