Pemex investment plans announced

MEXICO CITY, November 6, 2014 – Pemex CEO Emilio Lazoya announced plans on Thursday for Mexico’s national oil company to become the country’s second-largest power producer after the Federal Electricity Commission. To achieve this, Pemex plans to invest $1.4 billion into the conversion of the country’s oil-fired power facilities to natural gas and cogeneration power plants.

Most recently in October, Pemex awarded a contract to Mexican firm Grupo Hermés and Canada’s ATCO for the construction of a natural gas cogeneration plant at the Tula oil refinery in the state of Hidalgo. Half of the $820 million project will be paid for by ATCO and is expected to come online in 2017.

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