Mex Gas Supply, a unit of Mexico's Pemex, plans to form a joint venture with trading house Mercuria and JPMorgan Chase & Co to import natural gas from the United States, the Mexican state oil giant said on Wednesday. JPMorgan is selling its physical commodities business to Mercuria for around $3.5 billion, a transaction will help move the Swiss firm into the top league of commodities traders.A Pemex representative said that JPMorgan's role in the joint venture would be to provide financing. The representative said the joint venture was not yet finalized.Pemex said the joint venture would become one of the top five players in the North American natural gas market. Operations are due to begin in the fourth quarter, Pemex said.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 0.46% or $0.27/share to $58.91. In the past year, the shares have traded as low as $50.06 and as high as $61.48. On average, 14009800 shares of JPM exchange hands on a given day and today's volume is recorded at 11742219.
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