Will Pemex’s US $5.4B petrochemical bet put a dent in its debt?
The large investment in Mexico’s petrochemical and fertilizer industries announced by Pemex CEO Juan Carlos Carpio earlier this month won’t improve the state oil company’s financial situation, according to an energy expert who spoke with the news outlet El CEO. At President Claudia Sheinbaum’s June 5 press conference, Carpio announced a 93-billion-peso (US $5.4 billion) public-private investment plan aimed at revitalizing Mexico’s petrochemical and fertilizer industries. Sixty-two per cent of the resources are slated to come from the government, with the remaining 38% to be invested by the private sector. With the investment plan, the government is seeking to strengthen food security and reduce Mexico’s dependence on imported fertilizers and petrochemicals. Pemex CEO Juan Carlos Carpio said on June 5 that a significant part of the investment will go to upgrading existing petrochemical facilities and building new ones. According to Mexico Business News, t...