Mexico state-run oil company Pemex will invest $5.5 billion to upgrade five of its refineries, extend a natural gas pipeline and build a fertilizer plant, the company said Thursday. Via Reuters, Pemex will spend $2.8 billion on upgrading the refineries to process cleaner fuel, with a target of producing 360,000 barrels per day of cleaner-burning gasoline and diesel. Company CEO Emilio Lozoya said the project would be complete by the end of 2017.
Pemex will also spend $2.5 billion on the second phase of its Los Ramones natural gas pipeline. The pipeline will eventually transport natural gas from the U.S. into Central Mexico. An additional $184 million will be spent to build the new fertilizer plant.
