MEXICO CITY, Sept 27 Mexico's state oil monopoly
Pemex plans to invest more than $1 billion over the
next three years to upgrade part of its fleet of ships, company
officials said on Thursday, calling it the biggest such overhaul
Juan Jose Suarez, chief executive of Pemex, told reporters
some 130 vessels would be renewed, 81 belonging to the refining
division and 51 to the exploration and production divisions.
The company is studying another two for its petrochemicals
business, said Jose Manuel Carrera, representative of Pemex's
commercial arm (PMI) in Spain, where some of the work is likely
to be done.
Pemex may lease some ships, but for others it will sign
contracts with shipbuilders in Mexico and abroad. The ships are
scheduled to be built between 2013 and 2015.
"What we're seeing is there isn't enough capacity now, we're
contracting it out in the rest of the world, depending on the
ships, depending on the costs," Suarez said in a news
"We're really talking about the next three years, of very
ambitions investment plans, the biggest Pemex has had in
decades," he added.
Mexico, the world's No. 7 oil producer, relies on oil
revenues to fund about a third of its federal government budget.
It needs to boost oil output after losing nearly a quarter
of its capacity between 2004 and 2009 due to the rapid aging of
its largest oil fields and a lack of investment in exploration
for new deposits.