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Leading Opposition in Mexico Proposes Landmark Energy Reform

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mexicomapOne of the ten largest oil producing countries in the world is Mexico. The bad news is that Mexican oil production is in sharp decline. Mexico is importing more gasoline and natural gas. Petróleos Mexicanos (PEMEX) is the national oil company of Mexico. Monstrously-huge, the Mexican state-owned company was created in 1938 when President Lázaro Cárdenas seized and nationalized all petroleum activity in Mexico – expelling foreign and domestic companies at the time. PEMEX is a major contributor to the economy and fiscal budget of Mexico. Gazing southeast, its main Latin American rival is Brazil’s Petroleo Brasileiro SA (Petrobras). Petrobras has publicly-traded stock – with greater ownership by private investors through the BM&F Bovespa.

Partido Acción Nacional (PAN), Mexico’s main opposition political party plans to democratize PEMEX by listing small amounts of shares among many other reforms. The former party in power is in contention with Mexican President Enrique Peña Nieto who desires to make less revolutionary reforms in the oil sector. He is with the ruling Partido Revolucionario Institucional (PRI) party.

Both major parties agree on needed reform in the energy sector.

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CDPQ Boosts Stake in Azure Power

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Disclosed on October 17, 2018, Caisse de dépôt et placement du Québec (CDPQ), through CDPQ Infrastructures Asia Pte Ltd., increased its stake in Azure Power Global Limited, a listed Indian solar power producer. CDPQ increased its ownership in Azure Power to 40.3% ownership by a US$ 100 million commitment in a recent capital raise. Post-deal, CDPQ has invested US$ 240 million in Azure Power.

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Invesco Lost a Big SWF Equity Mandate

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Invesco celebrated its landmark acquisition to acquire OppenheimerFunds from MassMutual. Invesco faced some outflows on its active management side of the business. In the third quarter of 2018, Invesco had outflows from two sovereign wealth funds, which totaled approximately US$ 2.5 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Sky News Reveals CPPIB Eyeing Gatwick Airport

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Mark Kleinman of Sky News revealed that the Canada Pension Plan Investment Board (CPPIB) is seeking to purchase a stake in Gatwick airport. The transaction could be more than £3 billion GBP, as CPPIB seeks to acquire a 42% in the airport from Global Infrastructure Partners. Furthermore, CPPIB would invest more capital into the airport if the deal goes through.

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