22 April 2002 18:22 [Source: ICIS news]
MEXICO CITY (CNI)--Mexico's state-owned oil monopoly Petroleos Mexicanos (Pemex) confirmed plans Monday to build an $800m (Euro898m), 1.2m tonne/year ethylene cracker in the southern state of Veracruz.
The new plant will be built in the Morelos-Cangrejera industrial corridor and will be one of the largest petrochemical complexes in the world, Pemex said in a statement. Construction is set to begin in 2005 and will be handled by Pemex’s chemical division, Petrochemica.
Pemex did not specify financing arrangements for the project or indicate whether private sector investors will play a role.
In its statement, Pemex said the new plant will allow the revitalisation of primary ethylene derivatives, the reduction of imports of some products and the manufacturing of new ones.
The company also said new projects planned for this year should double production capacity of vinyl monomer, increase polyethylene (PE) production and strengthen existing ethanol and ethylene capacities.
Pemex said it would finish before year end the expansion of two PE plants in the petrochemical complexes of Morelos and Cangrejera, as well as an oxygen plant in Cangrejera.
For 2002, Pemex expects a 1.7m tonne/year increase in production of methanol derivatives and a 251 000 tonne/year increase in ethanol output, according to the statement.
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