Amadeusz Juskowiak

Pemex signs 500 mln dlr japan loan for pipeline

Mexican state oil firm Petroleos Mexicanos Pemex signed for a 500 mln dlruntied loan from the ExportImport Bank of Japan to finance its Pacific Petroleum Project Pemex Japan representative Tito Ayal said

No further details on the loan were immediately available

Ayala told an oil seminar the project due for completion in 1988 is aimed at improving distribution of oil products in the domestic market mainly along the Pacific coast

The project consists of a pipeline linking Nueva Teapa on the Gulf of Mexico with Salina Cruz on the Pacific Coast and construction of the second phase of the Salina Cruz refinery

The project also includes construction of liquified petroleum gas LPG storage tanks at Santa Cruz additional crude oil storage at both ends of the pipeline an ammonia complex at Lazaro Cardenas on the Pacific Coast and expansion of the infrastructure of the port of Salina Cruz Ayala said

Pemex will buy 80 mln dlrs worth of foreign equipment and materials for the project he said The new pipeline will enable Japan to load Mexicos Maya crude oil at Salina Cruz rather than in the Gulf of Mexico Pemex will also have some LPG surplus available in Salina Cruz that may help Japan diversify its supply sources of that product he added

REUTER