Mexico Pemex plans record $25.3bn investment in 2013

28 February 2013 23:03  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Petroleos Mexicanos (Pemex) plans to invest a record $25.3bn (€19.2bn) in 2013 as the state-run energy company seeks to become more competitive, Pemex CFO Mario Beauregard said during an earnings call with investors on Thursday.

The director said 79% of investments were expected to be allocated to exploration and production, 17% to refining and the remainder to gas processing and petrochemicals.

In 2012, investment reached a record $23.9bn, Beauregard said.

“In the last couple years, Pemex’s total investment has gradually increased while better adjusting to the company needs,” he said.

Earlier on Thursday, Pemex posted record sales revenues in 2012 of approximately $128bn, up by about 5.7% from 2011.

However, the company also paid a record $69.5bn in taxes and duties to the Mexican government, which relies on Pemex revenues to fund almost a third of the federal budget.

Pemex declined on Thursday to talk about government proposals to reform Mexico’s energy laws, which could open up Pemex to more private investment.

“Discussions are underway, but unfortunately we cannot give further details at this time,” said Beauregard.

($1 = €0.76)

By: Jeremy Pafford
+1 713 525 2653

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