Mexico plans to build new refinery in Hidalgo state


13/08/2009 00:00 AST

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.

Reuters
Global News
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 154 148,883
SABIC 97.25 1,106,367
BAHRI 36.6 185,412
DANA 0.45 17,092,585
EEC 21.9 450,675
ARTC 0.97 187,817,230
ZAIN 475 2,208,534
Recent News

Sterling slips after weak UK business investment data
Sterling fell on Wednesday after data showed UK business investment fell in the fourth quarter of 2016 and indicated tougher economic times lie ahead, despite overall growth hitting its fastest pace

Food consumption in Oman to grow at 4.5% to 3.9m tonnes in 2021
Food consumption in Oman is likely to grow at a compounded annual growth rate (CAGR) of 4.5 per cent to 3.9 million tonnes in 2021 from an estimated 3.1 million tonnes in 2016. This growth is attribu

Dividend announcements drive Muscat bourse
Recovery on the Muscat Securities Market (MSM) is expected to gather momentum, thanks to better dividend announcements of the corporate sector and a firm trend in crude oil prices.

Dividen

Ooredoo net profit rises 4% to QR2.2bn in 2016
Driven by strong contributions from Qatar and certain other markets, the Ooredoo Group posted a net profit of QR2.2bn in 2016, up 4% on the previous year. Group revenue stood at QR33bn, an improveme

Saudi Aramco recruits JPMorgan,Morgan Stanley for IPO,HSBC a contender
Oil giant Saudi Aramco has asked JPMorgan Chase & Co and Morgan Stanley to assist with its mammoth initial public share offer and could call on another bank with access to Chinese investors, a source

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

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?