Mexico to build nation's largest petrochemical complex

Oct 21, 2004 02:00 AM

Canada's Nova Chemicals and local firms Indepro and Grupo Idesa have been selected to work with Mexico's state oil company Pemex to build a massive $ 2.7 bn petrochemical plant. Mexican President Vicente Fox made the announcement at the start of the National Chemical Industry Forum.
"Based on recently concluded studies, the exact amount of the total investment required and the conditions necessary to make the (project) viable, as well as the (plant's) location, remain to be determined," Fox said.

The project, known as Fenix -- Spanish for Phoenix -- calls for building the nation's largest petrochemical complex and one that would allow Mexico to reduce imports by $ 1.5 bn annually.
Fox also took advantage of the occasion to announce 6 bn pesos (about $ 526 mm) in spending on "eight new projects... to bolster the petrochemical industry."

Eight companies, five foreign and three Mexican, submitted tenders to work on the Fenix project with Pemex, including Spanish oil giant Repsol, German-Dutch plastics maker Basell and Saudi chemical manufacturer SABIC.
The states of Veracruz and Tamaulipas, both on the Gulf of Mexico, are vying to lure the project.

Source: EFE
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