Mexico's largest conglomerate profits from pipeline - Albuquerque Journal

Mexico’s largest conglomerate profits from pipeline

The pipeline built by Mexican billionaire Carlos Slim’s Grupo Carso runs 14 miles east from a pumping station just south of Taiwanese electronics plant Foxconn in San Jeronimo. In 2010, the city began drawing from an aquifer shared with New Mexico. (Roberto E. Rosales/Journal)

Public works projects like the Conejos Medanos water pipeline have been a boon to Grupo Carso’s bottom line, according to the company’s annual reports.

Mexico’s largest conglomerate has four strategic divisions: commercial, industrial, energy and infrastructure and construction.

It’s this business, along with his telecommunications firm, that underpins the wealth of Mexico’s richest man, Carlos Slim.

Slim made a fortune in 1990 when he bought up Teléfonos de México after the Mexican government privatized the national telephone company. Grupo Carso is Slim’s global conglomerate that forms an umbrella over everything from construction to retail.

Carso runs the ubiquitous Sanborn’s chain of restaurants and department stores in Mexico. The company produces telecommunications, automotive and many other products; it builds highways, pipelines, tunnels and airports; it drills oil wells and transports natural gas.

The conglomerate’s Infrastructure and Construction division, which built the Conejos Medanos water pipeline and pump station for Ciudad Juárez, brought in earnings of about $69 million in 2009 – about 10 percent of the company’s overall operating income of $680 million at the time.

That division has grown significantly as a share of the overall business since the Conejos Medanos contract: Infrastructure and Construction accounted for nearly 19 percent of the conglomerate’s total operating income of $679 million in 2015, the last year for which data is available.

Slim ranked No. 6 on Forbes’ 2017 list of the world’s billionaires. The ranking estimates Slim’s current net worth at $63.2 billion.

Click above to see the full special report.

Home » News » Southern NM and the Border » Mexico’s largest conglomerate profits from pipeline


Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email yourstory@abqjournal.com

taboola desktop

1
APD: Two dead in apparent murder-suicide in South Valley
ABQnews Seeker
A man and a woman were ... A man and a woman were found fatally shot Friday morning at a South Valley home in what police are calling a murder-suicide. Lt. ...
2
‘Just go for it’: New food truck dishing up ...
ABQnews Seeker
“Dude. You have to sell these.” ... “Dude. You have to sell these.” That’s what Laura Gonzalez’s friend and coworker at First Nations Community HealthSource always told her after eating her ...
3
Innovate ABQ still rebounding from pandemic
ABQnews Seeker
Albuquerque's innovation district is still navigating ... Albuquerque's innovation district is still navigating through the aftermath of the global pand ...
4
Tech-transfer slowly rebounding at Rainforest Innovations
ABQnews Seeker
Rainforest Innovations' fiscal year 2022 technology-transfer ... Rainforest Innovations' fiscal year 2022 technology-transfer achievements clearly reflect today's post-pandemic trends, with entrepreneurial interest by UNM faculty and investor pursuit of university inventions ...
5
Flooding possible across southern NM this weekend
ABQnews Seeker
The National Weather Service is warning ... The National Weather Service is warning that heavy monsoon rains across southern New Mexico could lead to widespread flooding this weekend. Scott Overpeck, a ...
6
Former congresswoman Gabby Giffords to campaign for Lujan Grisham
ABQnews Seeker
Gov. Michelle Lujan Grisham's reelection campaign ... Gov. Michelle Lujan Grisham's reelection campaign will get a boost this weekend from former Congresswoman Gabby Giffords. Giffords, who barely survived a 2011 assassination ...
7
Street Food Institute breaks ground on new 'home' in ...
ABQnews Seeker
Elizabeth Bibiano, owner of vegan New ... Elizabeth Bibiano, owner of vegan New Mexican restaurant Vegos can't say enough about her time ...
8
Game Commission officially repeals stream access rule
ABQnews Seeker
The New Mexico State Game Commission ... The New Mexico State Game Commission on Friday officially overturned a controversial rule that had allowed for private landowners to close off nonnavigable waterways ...
9
Resale shop goes from hobby to main gig for ...
ABQnews Seeker
Meet Jasmine Baillio, owner of What ... Meet Jasmine Baillio, owner of What Goes Around