Brazilian oil giant to invest $11 bn in Mexico

Petroleo Brasileiro, or Petrobras, plans to invest $11 billion in oil exploration, production and refining projects in Mexico between now and 2015, an official said.

Veracruz Gov. Javier Duarte learned about the Brazilian state-controlled oil giant's plans during his ongoing tour of Brazil, state government spokeswoman Gina Dominguez said.
Most of the investment will go into petrochemical plants and refineries in Mexico's Gulf states, Dominguez said.
Petrobras plans to invest in Mexico's Etileno XXI project in Coatzacoalcos, a port in southern Veracruz.
The project is strategically well situated and employs high-skilled workers, Dominguez said.
The Brazilian company will build an ethanol processing plant for the Etileno XXI project that will have the capacity to produce 1 million tons of ethylene and its derivatives.
The plant will meet a large part of the demand currently covered by imports of petrochemicals from the US.
Output from the new plant will help reduce Mexico's deficit in ethylene products, Dominguez said.
The Brazilian oil giant is focusing on the Gulf of Mexico, West Africa, the Black Sea, southern Portugal and Colombia in its 2011-15 investment plan.
Source: IANS