A USD14 billion investment plan unveiled by the Mexican government focuses energy outlays on the refining business of Petroleos Mexicanos (Pemex), aiming to boost the state oil firm’s ability to process heavy crudes, reported Reuters.
The plan, which comprises some 99 billion pesos (USD4.65 billion) in energy projects, did not appear to include new major oil exploration and production investments, despite Pemex’s declining crude output and private sector lobbying for them.
The top item is a 54.7 billion peso project to complete a partly-built coking plant at Pemex’s Tula refinery in central Mexico. The project was begun by the previous government.
The so-called deep conversion refining project would allow more output of higher-value motor fuels like gasoline and diesel from Pemex’s mostly heavy crude production, while minimizing less valuable fuel oil.
The plan pledges 15.4 billion pesos for upgrades to Pemex’s existing coking plant at its northern Cadereyta refinery.
Another 25.2 billion peso investment is slated for a project to build a natural gas liquefaction plant at the southern port of Salina Cruz, where Pemex’s biggest refinery is.
Two smaller energy projects announced by officials include a Pemex ethane terminal at the Gulf Coast port of Pajaritos, as well as a new fertilizer plant.
As MRC informed earlier, Pemex is advancing a refinery rehabilitation program that will enable it to process 1.2 million b/d of crude oil by the end of 2020 and evaluating a reconfiguration of its petrochemical facility at Cangrejera, Mexico, into what would be its eighth refinery.
The Oriental Pro-Energy Consulting Organization (Topco)
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