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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: emaildelivery@businesswire.com X-To: TX-INDUSTRIAL-INFO-RES@businesswire.com X-cc: X-bcc: X-Folder: \PTHOMAS2 (Non-Privileged)\Thomas, Paul D.\Deleted Items X-Origin: Thomas-P X-FileName: PTHOMAS2 (Non-Privileged).pst Welcome to eMail News Delivery, a service from Business Wire. Here is your Industrial Information Resources Inc. news release. If you have received this in error please send a message to: eMailDelivery@businesswire.com with the following command in the body of the message: unsubscribe TX-INDUSTRIAL-INFO-RES If you have questions about this service, please contact your Business Wire Account Executive or service@businesswire.com BW2023 NOV 26,2001 2:00 PACIFIC 05:00 EASTERN ( BW)(TX-INDUSTRIAL-INFO-RES) Construction of Mexico's First Privately Owned Ethylene Complex Hinges On Availability of Feedstock, in an Advisory by Industrialinfo.com Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Nov. 26, 2001--Researched by Industrialinfo.com (Industrial Information Resources, Inc; Houston). Corporacion Grupo Serbo (Mexico City) first announced its intent to construct an estimated $3 billion ethylene and derivatives complex in Altamira, Tamaulipas earlier this year. Serbo's owner, Sergio Bolanos Quesada, seeking partners to round out his 20% interest in the complex, made the announcement shortly after it was revealed that Serbo was purchasing the beleaguered engineering and construction firm, Bufete Industrial (Mexico City). From the start, Serbo understood that Petroleos Mexicanos (Pemex), the state run oil and gas monopoly, would provide 71,000 barrels per day of naphtha feedstock for the proposed 975,000 metric ton per year ethylene cracker. Pemex has been slow to sign the 25-year contract sought by Serbo for the complex it hopes to complete by late 2005. A need to insure feedstock supply could possibly delay the anticipated early 2002 groundbreaking of the 10-unit complex, which will include propylene, butadiene, polypropylene and other downstream products, as well as its own cogeneration unit for electricity and steam. Serbo also has plans to construct a "city" adjoining the complex, featuring homes, schools, churches, and hospitals, among many other features over and above those found in more traditional "company towns." Serbo and its partners hope to sell 95% of the complex's output on the domestic market, with an estimated 50% going to other petrochemical companies in Altamira. The heavily industrialized Altamira is home to plants owned by BASF, Shell, and other chemical majors. Serbo would have to import its naphtha feedstock if Pemex fails to comply with their preliminary agreement, as other naphtha sources are simply not available domestically. "With this stall, Pemex is hurting itself and quite possibly the future of additional private petrochemical investment in Mexico," according to Annette Kreuger, chemical industry specialist with Industrialinfo.com. "With Mexico's President Vicente Fox making recent speeches that private investment is the hope for Mexico's petrochemical future, it doesn't bode well when a state run company is dragging its feet over its part in a $3 billion investment -- an investment that not only increases Mexico's protection against an anticipated surge in foreign petrochemical imports over the next few years but also offers an increased quality of life for an estimated 2,700 future employees." Industrialinfo.com provides daily news related to the industrial market place including alerts and databases for the energy and industrial markets. For more information on trends and upcoming construction activities for the chemical markets, including petrochemicals and pharmaceuticals, send inquiries to chemicalgroup@industrialinfo.com or visit us at www.industrialinfo.com and www.iirenergy.com. --30--HM/ho* CONTACT: Industrialinfo.com, Houston Trey Hamblet, 713/783-5147 KEYWORD: TEXAS MEXICO INTERNATIONAL LATIN AMERICA INDUSTRY KEYWORD: BUILDING/CONSTRUCTION CHEMICALS/PLASTICS ENERGY GOVERNMENT SOURCE: Industrialinfo.com For the best viewing of the news releases please use the following email settings: Courier 10 point. -Notice of Copyright and General Disclaimer- © 2000 Business Wire. All of the releases provided by Business Wire are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire`s members who are solely responsible for their content, accuracy and originality. All reproduction, other than for an individual user`s reference, is prohibited without prior written permission. - Notice of Copyright and General Disclaimer -- © 1999 Business Wire. All of the releases provided by Business Wire are protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Business Wire`s members who are solely responsible for their content, accuracy and originality. All reproduction, other than for an individual user`s reference, is prohibited without prior written permission.
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