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.
Listless trading on Muscat bourse
Amid dull trading activity, the MSM30 Index ended on flat note at 5,656.35 points, up by 0.03 per cent. The MSM Sharia Index closed at 854.23 points, up by 0.18 per cent. Galfar Engineering was the m
US stocks’ bull run seen extending into ’17
The US stock market’s bull run since 2009 will extend into 2017 if President-elect Donald Trump’s plans to stimulate the economy with infrastructure spending and financial deregulation come to pass,
Qatar-German trade reaches QR9.5bn in 2015
The Qatar-German Joint Economic and Trade Cooperation Committee concluded its 5th meeting yesterday in Doha. The Qatari side was chaired by the Minister of Economy and Commerce, H E Sheikh Ahmed bin
Sharjah rents down for second consecutive year
The rents in residential and commercial property markets across Sharjah have fallen for a second year in a row, increasing tenancy options in the northern emirate, according to real estate consultanc
Alba expecting strong finish for 2016
Aluminium Bahrain (Alba), one of the largest and modern aluminium smelters in the world, said it has been performing reasonably well in light of the market conditions and is expecting a strong finish