Mexico's Pemex Plans $20 Billion Investment to Revitalize Petrochemical Sector

Recently, Pemex, Mexico's state-owned oil company, announced a plan to invest 20 billion Mexican pesos over the next six years to revitalize its petrochemical operations. This investment is part of Pemex's 2025-2030 Work Plan, which focuses on increasing the production of aromatics, ethylene derivatives, and urea.

The company aims to restart its Cangrejera petrochemical complex in Coatzacoalcos under the "petrochemical refinery concept." By 2030, the goal is to produce 30,000 barrels per day of gasoline and 330,000 tons per year of aromatics. Concurrently, Pemex will also reinitiate the production of ethylene derivatives at both the Cangrejera complex and the nearby Morelos complex, targeting an annual output of 250,000 tons of ethylene oxide (EO) and 690,000 tons of polyethylene (PE) resin. According to S&P Global Commodity Insights, these facilities have a capacity of 815,000 tons per year for PE and 380,000 tons per year for EO.

Additionally, Pemex plans to modernize its Escolín petrochemical complex in Poza Rica, aiming to increase urea production to 750,000 tons per year. Currently, the facility has a urea production capacity of 360,000 tons per year according to S&P Global data.

Beyond petrochemicals, Pemex's work plan includes increasing the production of liquid hydrocarbons and natural gas, maximizing output at its Olmeca and Deer Park refineries in the U.S., while also reducing reliance on fertilizer imports.