Mexico Pemex to acquire majority stake in Spanish shipyard

02 May 2013 19:57  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Petroleos Mexicanos (Pemex) has signed a letter of intent (LOI) stating its plans to acquire a 51% stake in the Hijos de J Barreras (HJB) shipyard in northern Spain, the Mexican state-run energy company said on Thursday.

The proposed deal, which both parties are currently finalising, would allow Pemex to use HJB’s technological expertise to build specialised tankers in Mexico.

The partnership would also speed up the modernisation process of Pemex’s fleet of aging ships, the company said.

In the terms of the proposed agreement, Pemex and HJB’s three existing shareholders would contribute a one-off capital injection of €10m ($13m), aimed at strengthening the financial structure of the Spanish company.

According to Pemex, HJB is successfully emerging from an insolvency process and is expected to resume operations in the coming weeks.

In September last year, plans were announced to invest at least $640m over the next three to five years to modernise Pemex’s fleet, which included $240m to update tugboats, barges and tankers belonging to the company’s refining subsidiary.

The company said it would look abroad for contractors as Mexican shipyards lack the capacity to build larger and more sophisticated tankers.

($1 = €0.76)

By: Simon West

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