Mexican government reaches agreement with Grupo México for railway occupation: Reuters

The federal government reached an agreement with Mexico Groupof the magnate Germán Larrea, for the occupation of a railway section operator by one of its affiliates in Veracruz, told Reuters this Wednesday two sources with knowledge of the conversations.

The agreement does not imply a cash compensation, the sources explained. Last week, President Andrés Manuel López Obrador assured that the company required 9.5 billion pesos as compensation for the measure.

The agreement implies the extension of concessions to expire“said, without giving further details, one of the sources who requested anonymity for not being authorized to make a public statement on the matter.

The other source added that the president would give more details about the agreement in the next few hours. Neither Grupo México nor the government immediately responded to a request for comment.

In mid-May, following a decree published in the Official Gazette of the Federation (DOF), Navy troops seized a railway section of about 128 kilometers controlled by Grupo México Transportes in Veracruz.

The president justified the measure based on the importance of the railway for a vital infrastructure project that seeks to unite the coasts of the Pacific with the Atlantic through a commercial corridor to develop the impoverished south of the country.

Grupo México, with businesses also in the infrastructure sector, is headed by Germán Larrea, the second richest person in Mexico.

On May 19, López Obrador signed a decree in which he declared 120 kilometers of railways to be of public utility operated by Ferrosur, the subsidiary of Grupo México, and ceded its administration to the state company Ferrocarril del Istmo de Tehuantepec, operator of the Interoceanic Corridor of the Isthmus of Tehuantepec.

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Last week former head of the Office of the Presidency, Alfonso Romohe trusted that there is a will between the parties involved in the seizure of Ferrosur.

(With information from Reuters)

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