Mexico Pemex business plan omits $10bn refinery project

04 November 2013 23:50  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Plans by Mexico’s state-run oil company Petroleos Mexicanos (Pemex) to build a new $10bn (€7.4bn) refinery in the central Mexican city of Tula de Allende have been omitted from the company’s updated 2014-2018 business plan.

Pemex did not immediately respond on Monday to a request for comment.

Plans to build the so-called Bicentenario refinery as part of an ongoing project to boost processing capacity and wean the country off fuel imports were first announced in 2008.

The refinery was expected to process 250,000 bbl/day of crude oil and 73,000 bbl/day of residual from the nearby Miguel Hidalgo refinery, according to previous Pemex statements. Operations had been scheduled to begin in 2017.

Pemex’s five-year business plan covering the company’s four subsidiaries was approved by the board of directors on 15 July this year but only published on Friday, according to the document.

Objectives outlined for Pemex’s refining division include the modernisation of the Salamanca refinery and the completion of a project to upgrade the company’s refining circuit to meet Mexico’s new rules on the sulphur content of gasoline and diesel.

Pemex operates six refineries in Mexico with a combined processing capacity of about 1.54m bbl/day. The company also owns a 50% stake in the 340,000 bbl/day Deer Park refinery in Texas.

($1 = €0.74)

By: Simon West

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