GLOBAL ECONOMY

Mexico to build 500-mile underwater gas pipeline to Texas

President Enrique Pena Nieto adjusts his microphones as he arrives at a press conference to express his outrage over the recent disappearance of 43 students in Guerrero State following a violent confrontation with the police, in Mexico City, Monday, Oct. 6, 2014. Guerrero state officials worked Monday to determine whether 28 bodies found in a clandestine grave are students who were attacked by police suspected of drug gang links in the southern state of Guerrero. (AP Photo/Rebecca Blackwell)

President Enrique Pena Nieto adjusts his microphones as he arrives at a press conference to express his outrage over the recent disappearance of 43 students in Guerrero State following a violent confrontation with the police, in Mexico City, Monday, Oct. 6, 2014. Guerrero state officials worked Monday to determine whether 28 bodies found in a clandestine grave are students who were attacked by police suspected of drug gang links in the southern state of Guerrero. (AP Photo/Rebecca Blackwell)  ((AP Photo/Rebecca Blackwell))

The Mexican government has announced plans for nearly $10 billion worth of electricity and natural gas infrastructure projects, including a gas pipeline under the Gulf of Mexico from Texas to the port of Veracruz.

The country's Federal Electricity Commission said Monday that the costliest project would be the 500-mile underwater pipeline for carrying natural gas from South Texas. The pipeline is intended to go into operation in June 2018.

Officials hope that facilitating the importation of cheap natural gas will help lower Mexico's electricity rates.

Other projects include power plants, electricity distribution, transmission lines and electrical substations.

Mexico passed a broad overhaul of its energy sector last year aimed in part at attracting more investment to electricity and petroleum.

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