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.


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

Nativo Sponsored Content

taboola desktop

MORE ARTICLES LIKE THIS

1
COVID tests out there ... somewhere
ABQnews Seeker
Testing shortages are unnerving the public Testing shortages are unnerving the public
2
Bill would set $15 minimum wage for state employees
ABQnews Seeker
Move could increase pay of 1,200 ... Move could increase pay of 1,200 workers
3
ABQ officials push tough-on-crime bills
ABQnews Seeker
Legislation would increase penalties for firearms, ... Legislation would increase penalties for firearms, alter pretrial detention
4
New COVID-19 cases set a record for third straight ...
ABQnews Seeker
Officials say vaccines are lowering death ... Officials say vaccines are lowering death rates
5
Insurers pushed to settle archdiocese abuse claims
ABQnews Seeker
Nearly 400 victims still in limbo ... Nearly 400 victims still in limbo four years after Santa Fe church filed for bankruptcy
6
NM's GOP files lawsuit over new congressional map
ABQnews Seeker
Suit asks judge to replace new ... Suit asks judge to replace new boundaries with a map proposed by the Citizen Redistricting Commit
7
Man charged in 2021 ABQ homicide
ABQnews Seeker
A man is charged in the ... A man is charged in the shooting death of another last year at an apartment complex in Southeast Albuquerque. Brandon Holloman, 28, is charged ...
8
Attorneys say MDC could not find inmates for hearings, ...
ABQnews Seeker
On Thursday, one of Ryan Villa's ... On Thursday, one of Ryan Villa's clients was supposed to appear at a pretrial detention hearing — by way of a tablet in a ...
9
NM tech firms awarded state matching grants
ABQnews Seeker
The NM SBIR grants are designed ... The NM SBIR grants are designed to support local science and technology companies in achieving their commercialization goals, according to a news release from ...