Pemex Open To Buy Refinery Abroad

Pemex open to buy refinery abroad

14/12/2010 22:42
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Petroleos Mexicanos (Pemex) announced that there is no time limit on the analysis it is performing for the acquisition of a refinery outside Mexican territory so the option is open.

In recent days, during negotiations with the oil Velero, among others from the United States, the director of Pemex, Juan Jose Suarez Coppel, said that they are considering 'so seriously' the purchase of a refinery, but he did not give any further details.

At least 21 refineries -located in the Gulf of Mexico coast in the United States in the same region where operates the refinery plant Deer Park (where Pemex is a partner), are available for sale and one of them could be acquired by Mexican federal government at an affordable cost compared to the construction of a new industrial complex.

Information for international analysts and the Petroleum Administration for Defense District, states that refiners made transactions to sell complex at prices ranging from $300,000 - $500,000 million and up to one billion dollars.

The value is below the cost of the refinery that will be built in Tula, Hidalgo, estimated at $10 billion dollars.

According to experts, Mexico is the country with more leverage to make profits, because many of the refineries for sale have excellent logistics synergy for the country due to its proximity and because it can immediately import oil and diesel, instead of wait eight years to build a new refinery.

Pemex is the Mexican government company in charge of the total hydrocarbons produced in the country.
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