Mexicos state oil company Pemex will develop 200 petrochemical ventures this year at an estimated investment of 2.4 billion pesos (US$221 million). The purpose of these projects is to significantly increase production of aromatics and reduce dependence on imports. One specific goal of the investment is to increase the production of paraxylene - an aromatic hydrocarbon - from 250,000 tons per year to 500,000 tons per year. These investments will help make Pemex Petroquímica a world class company and a global market leader, while boosting its bottom line and enhancing its competitiveness, as well as strengthening the quality of its products.
Of the 200 projects, 5 are already in the production stage. Another 34 are scheduled as public works projects - to be financed in conjunction with state and local governments - some 28 are termed "operations" projects and six others are characterized as "strategic" projects. 92 of the ventures will involve rehabilitation of existing facilities and 75 will focus on maintenance and major upkeep. 97 percent of the budgeted projects are located in the Gulf Coast state of Veracruz or offshore in the Gulf of Mexico.
09-Mar-06 
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