BlackRock, First Reserve partner on Mexican natural gas pipeline deal

BlackRock and First Reserve have partnered with a subsidiary of Petroleos Mexicanos to buy about 45 percent of the equity interest in two natural gas pipelines — Los Ramones Phase II North and Los Ramones Phase II South. The pipelines are part of a project to build and operate natural gas pipelines to serve as energy infrastructure to transport natural gas from the Eagle Ford shale region in Texas to meet Mexican demand.

Krueger named Co-CEO of First Reserve

First Reserve said Monday that it named Alex Krueger as Co-Chief Executive Officer and President of the firm. William Macaulay becomes Chairman and now Co-CEO of First Reserve. Krueger has been with First Reserve for 16 years, most recently in a leadership role for the private equity portfolio. PeHUB reported news of the promotion on Friday.


First Reserve promotes two to MD

First Reserve has promoted Eduard Ruijs and Mark Saxe to managing directors. The appointments become effective January 1, 2015. Prior to joining the firm, Ruijs worked at NIBC Infrastructure Partners where he served as a investment director and partner while Saxe was a director in Loews Corp’s corporate development department.


First Reserve invests in Hoover

Hoover Container Solutions has received an undisclosed investment from First Reserve. Headquartered in Houston, Hoover is a provider of chemical tanks, cargo carrying units and related products and services to the global energy, petrochemical and related industrial sectors.


First Reserve in strategic partnership with Covanta

Covanta Holding Corporation has executed an agreement with the Dublin City Council to build, own and operate a new 600,000 metric tonne per year, 58 net megawatt Energy-from-Waste facility in Dublin, Ireland. First Reserve‘s energy infrastructure arm has provided a convertible preferred investment.


Trilantic/First Reserve portfolio company acquires Granite Wash assets

Newfield Exploration Company is selling its Granite Wash assets to Trilantic/First Reserve portfolio company Templar Energy. The value of the transaction is $588 million. Newfield’s assets in the Granite Wash include approximately 42,000 net acres and current net daily production is nearly 65 MMcfe/d, of which approximately 60% is natural gas.


First Reserve promotes two

First Reserve has promoted two investment professionals within the buyout funds team. Jesse Krynak and David McFarland have both been promoted to vice president.


First Reserve and Petrofac launch joint venture for about $1.25 bln

First Reserve and Petrofac, an oil and gas industry service providerhave agreed to form PetroFirst Infrastructure Partners. According to terms of the deal, First Reserve plans on investing up to $1 billion in the joint venture while Petrofac intends to contribute up to $250 million in it. The focus of PetroFirst Infrastructure Partners will be on acquiring existing assets from Petrofac’s Integrated Energy Services division as well as buying new energy infrastructure projects. For the first transaction under the joint venture, First Reserve is planning on acquiring 80 percent of Petrofac’s floating product facilities for a total initial consideration of about $450 million.

first read April 29

peHUB First Read

This Tuesday morning First Read reveals insights into which LPs are planning to sell interests in 2014 and why, AIMCo turning to late stage venture capital and First Reserve to launch its second infrastructure fund later this year.

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