World

Bolivia

Peru

Trinidad &
Tobago

Venezuela

Institutional
links

Services
& Products

Welcome back on
26 -29 August,
ONS 2008

Bridging the energy gap
is ONS 2006 theme,
from 22-25 August,
in Stavanger, Norway

Centre for
Global Energy
Studies

 

 

Pemex awards Swecomex contract for chemical plant

By Thomas Black
Bloomberg
BUENOS AIRES
Petroleumworld.com 09 26 07

Petroleos Mexicanos, the state- owned oil company, awarded Swecomex, a unit of Mexico's Grupo Carso SA, a contract to expand the capacity of an ethylene-oxide plant by 24 percent.

The project will be completed by the first quarter of 2009 and expand annual output capacity at the Morelos plant to 280,000 tons from 225,000 tons, Pemex, as the Mexico City-based oil company is known, said today in a statement. The contract is worth $44 million, a Pemex spokeswoman said.

Pemex plans increased spending on capital projects to boost production of petroleum and chemicals. The company imported $128 million of petrochemicals last year, according to Pemex reports. Pemex's Morelos and Cangrejera plants near the city of Coatzacoalcos are the country's only producers of ethylene oxide, a raw material for producing plastics and detergents.

Swecomex, which is controlled by Mexican billionaire Carlos Slim, was chosen among six companies that competed for the bid, Pemex said. The amount of the contract was not disclosed. Swecomex has won Pemex contracts to build oil platforms, as the oil company increases spending to reverse a drop in production.

Pemex plans to invest $15.4 billion this year, up from $13.8 billion in 2006 and $10.8 billion in 2005.

Grupo Carso's shares trading on the Mexican stock exchange today fell 1.18 pesos, or 2.7 percent, to 43.07 pesos and have risen 7.7 percent since the beginning of the year.

To contact the reporter on this story: Thomas Black in Monterrey at tblack@bloomberg.net

Bloomberg 25 09 07

Copyright© 2007 Petroleumworld. All rights reserved.

 

 

Send this story to a friend

Your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

Any question or suggestions, please write to:
editor@petroleumworld.com

Best Viewed with IE 5.01+
Windows NT 4.0, '95, '98 and ME +/ 800x600 pixels

Contact:editor@petroleumworld.com/phones:(58 412) 996 3730 or 952 5301
www.petroleumworld.com-Editor:Elio Ohep /Publisher-Producer:Elio Ohep.
Contact Email: editor@petroleumworld.com
Legal Information. CopyRight © 2002, Elio Ohep.- All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.