By December 8, 2015 Read More →

Pemex announces $23B in refinery investments

Pemex upgrade will produce cleaner gasoline: company

pemex

$23 billion investment will allow six refineries to produce ultra-low-sulfur fuels.  Pemex photo.

MEXICO CITY _ Mexico’s state-owned oil company says it will invest about $23 billion in upgrading refinery capacity, in part to produce cleaner gasoline.

The Petroleos Mexicanos company will spend much of the money at six refineries to produce ultra-low-sulfur fuels, which it says will help reduce emissions.

In a press release, Pemex reported the proposed upgrades to the refineries will allow the reduction of 7 million tons of carbon dioxide annually.

The director of Pemex said that exploration this year has found about 1 billion barrels of crude equivalent in proved, probable and possible reserves.

Director Emilio Lozoya said 60 per cent of the discoveries were in shallow water, and 35 per cent in deep water and 5 per cent on land.

At that rate, Pemex is making enough new discoveries to cover about 85 per cent of reserve depletion due to production.

The Canadian Press

Posted in: Energy Financial

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