MEXICO CITY Jan 16 Mexico's Pemex will spend up
to $475 million to buy and revamp a fertilizer production plant
in the eastern state of Veracruz that will allow it to produce
up to 990,000 tonnes of urea annually, the state oil monopoly
said on Thursday.
The deal between Pemex subsidiary PMI and Minera
del Norte subsidiary Agro Nitrogenados would allow the company
to supply 75 percent of national demand for urea, Pemex said in
a statement. The company said that would replace over $400
million worth of annual imports of urea, which is widely used in
fertilizer as a source of nitrogen.
Ammonia, made from natural gas and one of the main inputs in
fertilizer production, will be supplied by Pemex's petrochemical
complex, located 28 kilometers from the Agro Nitrogenados plant
in Cosoleacaque, Veracruz, the company said.
Mexico's president Enrique Pena Nieto pushed an energy
overhaul through Congress last year that would allow private
investment in the largely state-controlled oil, gas and