Mexican state utility Comisión Federal de Electricidad (CFE) said it is looking into possible corruption related to natural gas contracts with WhiteWater Midstream LLC.

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CFE said that natural gas contracts signed in 2016 and 2017 under the previous Mexican administration are under investigation on both sides of the border for potential corrupt practices including influence peddling.

Two contracts with CFE subsidiary CFE Internacional (CFEi) are seen as being “unfavorable and unequal” to the Mexican state. A natural gas transport contract worth “billions of dollars” in the United States is also being probed, CFE said. Ex-CFE officials are under investigation, and legal action is being pursued against WhiteWater, CFE said.

Austin, TX-based WhiteWater Midstream said the...