Global asset manager BlackRock and energy-focused private equity firm First Reserve have agreed to acquire a 45 percent stake in two gas pipelines in Mexico—Los Ramones Phase II North and Los Ramones Phase II South—from Mexican state-owned energy company Petróleos Mexicanos (Pemex) for approximately US$900 million. Both projects will benefit from a 25-year Transport Services Agreement with Pemex Gas y Petroquímica Básica, a gas and petrochemicals subsidiary of Pemex. Transaction closing is contingent upon anti-trust and other regulatory approvals.