25 January 2002 23:36 [Source: ICIS news]
MEXICO CITY (CNI)--State-run oil monopoly Petroleos Mexicanos (Pemex) is to invest $1bn (Euro1.15bn) at four petrochemical plants through 2006 to boost ethylene, polyethylene (PE) and vinyl chloride output, a Pemex official told CNI Friday.
The official said the investment project would begin in the next six months at Pemex's Cosoleacaque, Morelos, Cangrejera and Pajaritos installations near the Campeche Sound in southern Veracruz state.
Boosting PE and ethylene production at Cangrejera and Morelos, as well as increasing vinyl chloride output at Pajaritos, will be the focus of the project, he said.
The plan aims to use $100m to revamp facilities at Pajaritos and boost vinyl chloride output there from 200 000 to 405 000 tonnes yearly, the official said.
Rafael Beverido Lomelin, head of Pemex's secondary petrochemicals division, Pemex Petroquimica, announced the investment project to local media at Coatzacoalcos, Veracruz, earlier this week.
He called the plan part of Pemex's long-term strategy to reactivate its lagging petrochemicals unit by increasing capacity at the monopoly's eight plants.
Pemex wants to jumpstart Pemex Petroquimica after years of paltry public spending in the sector through greater reinvestment and new synergies with the private sector.
About a month ago, Pemex announced work had begun on a $74m expansion to boost vinyl chloride output at Pajaritos. Spanish contractor Duro Felguera was awarded the project.
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