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| Mexico |
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| PEMEX awards Swecomex contract for chemical plant |
| By Thomas Black, Bloomberg September 24, 2007 09:09:00 PM |
| | Petroleos Mexicanos, the state- owned oil company of Mexico, awarded Swecomex, a unit of Mexico's Grupo Carso SA, a contract to expand the capacity of an ethylene-oxide plant by 24%.
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 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.
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