| | |  Business News | April 2009 
Mexico's Pemex to Build $9.1 Billion Refinery
 Associated Press
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Mexico City - Mexico's state oil company says it will invest $9.1 billion to build its first new refinery in three decades.
CEO Jesus Reyes Heroles says Petroleos Mexicanos' first choice for location is Tula in the central state of Hidalgo. He says the local government would need to secure the land rights in the next 100 days.
Reyes Heroles said Tuesday that if Hidalgo doesn't meet the deadline, the refinery would be built in Guanajuato state.
Pemex expects construction to take four years and the refinery to come online in 2015.
Mexico last built a refinery in 1979.
Despite being the world's sixth largest oil producer, Mexico imports about 40 percent of its gasoline and relies on U.S. refineries to process much of its crude. |
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