Mexico Pemex acquires 51% stake in Spanish shipyard

26 November 2013 21:33  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Petroleos Mexicanos (Pemex) has acquired a 51% stake in the Hijos de J Barreras (HJB) shipyard in Spain’s northwestern Galicia region, Mexico’s state-run oil monopoly said on Tuesday.

The contract, signed by Pemex’s global trading arm, PMI Comercio Internacional, follows a letter of intent (LOI) signed by the Mexican company in May.

The deal was aimed at reviving the Spanish shipbuilding industry and developing over the medium term the capacity to build specialised tankers mainly for the Mexican oil industry, Pemex said in a statement.

Although financial details were not disclosed, Pemex said in May that the company and HJB’s three existing shareholders would contribute an initial one-off capital injection of $10m (€7.4m).

In September 2012, Pemex announced plans to invest around $640m in the next three years to modernise the company’s fleet of aging ships.

The plans included $240m to upgrade tugboats, barges and tankers belonging to the company’s refining division.

Founded in 1892, HJB is mainly involved in the construction of roll on/roll off vessels, ferries and offshore ships, according to the company’s website.

($1 = €0.74)

By: Simon West

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