Mexico plans to build new refinery in Hidalgo state


13/08/2009 00:00 AST  Reuters

Mexicos state-run oil company Pemex said on Wednesday it chose the central state of Hidalgo as the site for a new $9 billion refinery after the local government was able to secure land for the construction.

The city of Tula, Hidalgo was chosen in part for its proximity to Mexico City where demand is highest for refined petroleum products, Pemex chief Jesus Reyes Heroles told a news conference.

The government of Hidalgo state had delayed buying up the needed farmland due to the complexity of acquiring rural land in Mexico, where much of the property is communal, but it has since resolved the problems to clear the way for the project.

The new refinery is part of a $12.2 billion plan Pemex has for its two central refineries. Mexico has grown increasingly reliant on imports of refined products in recent years despite being a major crude oil producer and exporter. Rapidly growing demand has outstripped domestic refining capacity.

Pemex, which operates six refineries with a combined capacity of 1.54 million bpd, imported 341,000 bpd of gasoline last year. As recently as 2004, gasoline imports were only 95,000 bpd.

The new plan will increase Mexicos crude oil processing capacity by 250,000 barrels per day as well as convert much of the low-value fuel oil produced at the existing Tula and Salamanca refineries into high-value products such as gasoline.

Global News
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
AMANAINSURANCE 14.55 693,784
SPIMACO 39.57 343,619
ALKHODARI 29.87 2,398,765
SAGRINSURANCE 28.83 2,787,587
EEC 42.7 1,192,679
RIBL 16.88 525,684
SABIC 79.12 4,845,009
Recent News

Mobily to continue to invest in mobile and fiber infrastructure
During the fourth quarter of 2014, Mobily continued to be very active in consumer and business segments through the launch of various new products, services and tariffs enhancing customer experience,

Profits of listed Saudi firms up 4% to SR114.6 billion in 2014
Profits of Saudi listed companies and banks rose by 4 percent to hit SR114.6 billion by the end of 2014 compared to SR110.4 billion in 2013, according to a financial report.

Capitals of the

Omantel partners with Inmarsat
Omantel, the leading provider of integrated telecommunication services in the Sultanate of Oman, announced its partnership with Inmarsat which owns and operate three global constellations of 12 satel

Govt spending plans reinforce confidence in economy
The expansive budget announced by the Sultanate and its neighbouring countries as well as Government’s assurance to citizens of minimising social and economic impact of declining oil prices seem to h

Riyad Bank launches Riyad Mobile Business
In another first, Riyad Bank has launched a smartphone application for its corporate clients which will make banking with Riyad Bank even easier for businesses across the Kingdom.

Named Ri

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?