This news article was originally written in Spanish. It has been automatically translated for your convenience. Reasonable efforts have been made to provide an accurate translation, however, no automated translation is perfect nor is it intended to replace a human translator. The original article in Spanish can be viewed at Pemex invertirá 582 millones dólares en petroquímica hasta 2009
PEMEX will invest 582 million dollars in petrochemicals until 2009
22/11/2004
on November 22, 2004
Pemex, the State-owned Mexican oil monopoly, announced that it will invest 6.7 billion pesos (US $582,6 million) on eight projects between 2005 and 2009 to revive the petrochemical industry.
The company noted that these works, in addition to the "Phoenix" project for the construction of the largest petrochemical complex in the country in partnership with the private company, will make it possible to develop more value-added products, "raising competitiveness and creating more jobs".
PEMEX said in a statement that between 2001 and 2004 were conducted five projects in the sector with an investment of 2,100 million pesos (approximately $ 182,6 million) to expand and build new petrochemical plants, increase production and reactivate the productive chains.
The oil company matters each year about 9 billion dollars in petrochemicals, while it has abundant raw material to stock up.
The company explained that the eight projects scheduled for between 2005 and 2009 are intended to expand the production of ethylene and styrene capacity.
Pemex recently awarded the construction of the Phoenix complex to the Canadian company Nova Chemicals and the Mexican Indelpro and group ideas, which will be partner of Pemex in the project.
