Pemex has no plans to sell refining and petrochemical businesses

A Pemex spokesperson said the company has not had any discussions with private refiners regarding possible asset sales and has no near-term plans to do so.
Pemex could sell its refining and petrochemical business, the company's finance chief was quoted as saying on Wednesday. (Photo: Archive/EL UNIVERSAL )
20/05/2015
19:20
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Mexican state oil firm Pemex said on Wednesday it had no current plans to sell its refining and petrochemical businesses after a senior executive told a newspaper it might opt to in the future.

The daily Excelsior reported in Wednesday's edition that Pemex Chief Financial Officer Mario Beauregard told it the company hoped to improve the two businesses, but could ultimately choose to sell.

"We will have to at some point take a decision to see if we continue with those activities," the paper quoted him as saying.

"One of the options we can take is sell those assets, sell Pemex's stake, and with that money, invest it in areas that generate more value, like exploration and production."

A Pemex spokesperson said the company has not had any discussions with private refiners regarding possible asset sales and has no near-term plans to do so.

Beauregard, asked later on Wednesday about the possible sale of non-profitable assets, said Pemex is open to partnerships with companies that could improve such units.

"The first thing we're going to do is try to partner with companies which can give us new tools we don't have to turn around all these activities," he said at an event in the northern city of Monterrey.

"We think there's a good opportunity to partner with private sector companies that have new technology and that can provide enough capital to achieve needed modernizations, and to try and make these businesses profitable for Pemex," he added, noting that Pemex was already in talks with some firms

Pemex owns and operates six domestic refineries and also holds a 50 percent stake in the Deep Park refinery near Houston which is operated by Royal Dutch Shell.

 

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