Under the terms of the agreement, BlackRock and First Reserve will jointly acquire the 45% stake in 744km of pipelines, which are expected to be operational by mid-2016.
The pipelines are under transportation service agreement (TSA) for 25 years with Pemex Gas y Petroquímica Básica.
The Ramones I, which was commissioned in 2014, runs from Eagle Ford in Texas to Los Ramones, Nuevo León while the Phase II will reach Guanajuato to supply the central and western parts of the country.
The Los Ramones II Projects is part of a broader initiative to transport abundant, natural gas from the Eagle Ford shale in South Texas, aimed at meeting the growing demand for natural gas in central Mexico.
BlackRock Infrastructure Investment Group global head Jim Barry said: "Private sector participation in infrastructure is going to be crucial in Mexico and around the globe – I’m excited about prospects in Mexico for BlackRock and our clients, and we are pleased to partner with PEMEX on these initial projects."
First Reserve chairman and co-CEO William Macaulay said: "We are supportive of the Mexican government’s focus on energy reforms and believe the Los Ramones projects will be a cornerstone to these efforts."
Post closure, the pipelines project will be the first major PEMEX-sponsored midstream assets to be built in partnership with foreign capital since Constitutional Energy Reform was approved in Mexico in 2013.
