Petroleo Brasileiro (Petrobras) has unveiled plans to invest $11bn in various oil exploration, production and refining projects in Mexico between 2011-15.
The company plans to make a majority of the investment in the petrochemical plants and refineries in Mexico’s Gulf states.
Petrobras plans to buy the Etileno XXI project in Coatzacoalcos, a port in southern Veracruz and construct an ethanol processing plan for the project with capacity to produce 1 million tons of ethylene and its derivatives.
The production from this plant will meet the deficit for ethylene products in Mexico.
The company’s five year investment plan is aiming at different assets in the regions of Gulf of Mexico, West Africa, the Black Sea, southern Portugal and Colombia.
