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Mexico investment plan's energy projects focus on Pemex refining

10/7/2020

A $14 billion investment plan unveiled by the Mexican government focuses energy outlays on the refining business of Petroleos Mexicanos (Pemex), aiming to boost the state oil firm’s ability to process heavy crudes. The plan, which comprises some 99 billion pesos ($4.65 billion) in energy projects, did not appear to include new major oil exploration and production investments, despite Pemex’s declining crude output and private sector lobbying for them. The top item is a 54.7 billion peso project to complete a partly-built coking plant at Pemex’s Tula refinery in central Mexico. The project was begun by the previous government. The so-called deep conversion refining project would allow more

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