Pemex to invest $ 12 bn in pipelines

Nov 17, 2009 01:00 AM

State-owned oil company, Petroleos Mexicanos (Pemex) plans to spend approximately $ 12 bn to upgrade its pipeline network, Chief Executive Juan Jose Suarez Coppel said in a speech at the Tenth Congress and International Pipeline Expo 2009 earlier.
"The transportation of hydrocarbons and their derivatives via pipelines continues to be the most efficient and safest option," said Mr Suarez.

Pemex's investment plan involves $ 5.5 bn to construct an additional 4,500 km of pipelines, four storage terminals and 14 pumping stations in Mexico by 2015.
Pipeline projects that will benefit from the investment include the $ 245 mm Tuxpan Pipeline, which will increase the transport capacity of oil coming through the port of Tuxpan; and the proposed $ 600 mm, 370 km San Luis de la Paz-Tamanzuchale Pipeline.

Another $ 5.6 bn will be used over the next decade to maintain 47,000 km of existing pipelines.
"The company is behind in various aspects of its operations compared with other oil companies in the world: declining oil production, excessive costs, deficient industrial processes, and an illicit fuel market that has grown in recent years," said Mr Suarez.

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