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Mexico will make multimillion-dollar investment to improve PEMEX

Mexico will make multimillion-dollar investment to improve PEMEX

Mexico, Aug 17 Prensa Latina) The government of Mexico will invest more than 2,800 millions in PEMEX Mexican Petroleum for industrial transformation and development infrastructure, the board of directors confirmed today.
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The source indicated that the request had been transmitted to the Ministry of Finance two months ago in an extraordinary meeting of the company council, so that the federal government would provide that amount of financial resources in order to cover for improvement works at the refinery in Tula, Hidalgo state.

In papers released by PEMEX this Tuesday, specific amounts for each area are removed as they are confidential information, but the global figure is the one indicated, the source indicates.

PEMEX management estimated that improvement works at Miguel Hidalgo refinery will cost more than four billions, almost double of what the state would contribute.

Of this amount, the council specified, more than half will be disbursed in the rest of this year and until 2023.

The report of the extraordinary session of the council, signed by Leslie Mónica Garibo Puga, secretary of the collective body, also assures that the resources will be delivered to the oil company in October, to resume the work in Tula, suspended for corruption.

The heads of Ministries of Finance, Energy, Economy and Environment and Resources take part in PEMEX Management Board.

pgh/lcp

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