Mexico’s Pemex to Invest Almost US$2 Bln in Refineries

Petroleos Mexicanos, Mexico’s state-owned oil monopoly, plans to invest almost US$2 billion in its refinery system this year to improve safety conditions at its plants following a series of high-profile accidents. Years of under-investment have left the company’s plants in poor condition. Efficiency improvements will also help the company lessen its growing reliance on imports of gasoline and other refined products.