MOSCOW (MRC) -- Mexico should recover its investment in the Deer Park oil refinery in Texas during the next two to three years, President Andres Manuel Lopez Obrador said, as per Hydrocarbonprocesing.
This week Mexican state oil company Petroleos Mexicanos (Pemex) announced the purchase of the controlling stake in the 340,000-barrel-per-day refinery from its partner Royal Dutch Shell for some USD596 million.
Pemex Chief Executive Officer Octavio Romero said during a news conference with the president that the transaction is an important step toward Mexico's self-sufficiency in fuels, so that it can stop importing gasoline by 2023.
Lopez Obrador, who has moved to strengthen state control over energy since taking office in late 2018, said Mexico would not have to take on new debt to pay for the refinery.
As per MRC, Pemex will invest USD2.64 billion to complete a coking plant at its Tula refinery as the country seeks to reduce its dependence on imported fuels. The project, which Pemex expects to finish by 2023, will allow Pemex to process 90% of the fuel oil produced at Tula and at neighboring Salamanca.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 576,270 tonnes in the first three month of 2021, up by 4% year on year. Low density polyethylene (LDPE) and high density polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market totalled 410,890 tonnes in January-March 2021, up by 56% year on year. Supply of homopolymer PP and PP block copolymers increased.
Pemex, Mexican Petroleum, is a Mexican state-owned petroleum company. Pemex has a total asset worth of USD415.75 billion, and is the world's second largest non-publicly listed company by total market value, and Latin America's second largest enterprise by annual revenue as of 2009. Company produces such polymers, as polyethylene (PE), polypropylene (PP), polystyrene (PS).
MRC