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Pemex sees 25% increase in petrochemicals with energy reform

10.24.2013  |  HP News

Mexico’s state-owned oil and gas company Pemex expects its petrochemical production to rise 25% to 10 million tpy if a sweeping energy policy overhaul is approved.

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Mexico's state-owned oil and gas company Pemex expects petrochemical production to rise 25% to 10 million tpy if sweeping energy policy overhaul measures are approved, the company said on Thursday.

Pemex wrote on its official Twitter page that output would increase from its current 8 million tpy with the reform, which is expected later this year.

The reform would allow more private sector participation within the petrochemical sector and the broader downstream industry, which analysts have said is a prime target for growth.

The reform was proposed in August by President Enrique Pena Nieto, who is looking to spur economic growthin Mexico by attracting billions of dollars in investments and improve competitiveness in the country by lowering energy prices for manufacturers.

Though Mexico has the world's fourth biggest reserves of shale gas, crude oil production has fallen for nearly a decade due to a model in which Mexico pays foreign companies to drill wells and provide other services.

Under Nieto's plan, new constitutional and contractual arrangements could potentially reverse that decline.



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