| | |  News Around the Republic of Mexico | August 2008 
Mexico's Pemex Proposes New Oil Refinery
 Adriana Barrera - Reuters
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Mexico City - Mexico's state-run energy monopoly Pemex presented a plan on Wednesday for a new oil refinery with a processing capacity of 300,000 barrels per day of heavy crude.
Pemex suggested nine possible sites in a proposal to Congress for the new refinery, which is badly needed as the company pays billions of dollars to import costly foreign fuel to cover a 40 percent shortfall in domestic refining.
The proposal follows a call by President Felipe Calderon in March to draw up a study for a new refinery.
Pemex has spent the past 10 years upgrading its six refineries to improve output capacity. Work at the Tula, Madero, Salamanca and Cadereyta plants is complete and Pemex is working on its Minatitlan and Salina Cruz refineries.
Pemex has a 50 percent share in Shell Oil's Deer Park refinery in Texas. Shell Oil is the U.S. unit of Royal Dutch Shell (RDSa.L: Quote, Profile, Research).
Mexico is the world's No. 6 producer and No. 10 exporter of crude oil, according to the U.S. Energy Information Administration, but declining crude output and exports are threatening the country's position as a top U.S. supplier.
(Editing by Christian Wiessner) |
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