29 September 2003 07:24 [Source: ICIS news]
Carlos Pani, vice president of sales and marketing at Petroquimica, cited the projects and his announcement of a paraxylene (PX)restart as a sign that his country is expecting an economic rebound.
He said the projects' output is all earmarked for domestic consumption, noting that the subsidiary of state-owned oil giant Pemex has been overdue for upgrades and expansions leaving the nation’s growing economy “short on everything and importing whatever you can think about.”
Pani was interviewed here on the sidelines at the 37th annual meeting* of the European Petrochemical Association (EPCA).
The new ethylene plant will be located at Cangrejera with startup scheduled for October 2005 and will represent $120m or nearly half of the expansion and new project budget under way.
That budget also includes expansions at an ethylene oxide (EO) plant in the Morellos complex, increasing annual production there to 300 000 tonne from 200 000 tonne.
In addition, Pani said Petroquimica will be expanding annual styrene monomer (SM) capacity to 225 000 tonne from 150 000 tonne at Cangrejera.
He said Petroquimica feels an urge to move quickly because it is predicting a peak for the ethylene market in 2007 and wants to have these projects operating by the end of 2005.
Besides expanding production, the Mexican projects also will focus on upgrades to modernise the facilities, he said.
*The EPCA 2003 meeting runs through Tuesday.
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