MEXICO CITY May 1 Mexico's Pemex on Wednesday
said it is seeking to take a controling stake in a Spanish
shipyard with a view to building specialized tankers for the
state oil monopoly, as well as to help speed up the
modernization of Pemex's fleet.
Pemex said it had signed a letter of intent to
acquire a 51 percent stake in Hijos de J. Barreras (HJB), a
shipyard on the Atlantic Ocean that is in the process of exiting
The Mexican oil company, along with the shipyard's three
existing shareholders, plan to invest 10 billion euros as part
of the agreement, Pemex said in a statement.
Mexico is the world's No. 7 oil producer and a major
exporter to the United States, but has to import nearly half of
its gasoline due to a lack of domestic refining capacity.
Mexico's government relies heavily on oil revenues which
fund around a third of the federal budget.