Mexico: Pemex Plans $ 1 Bln Worth Fleet Renewal Programme

In the forthcoming five years Pemex, one of the leading oil companies in Mexico and Latin America, plans to invest over USD 1 billion in renewal of its shipping fleet, the company’s CEO Juan José Suarez Coppel announced.

As reported by Business News Americas, the contracts will be directed primarily to national shipyards within the range of their construction capacities, i.e., assembling of small scale vessels.

Namely, the initial stage of Pemex E&P subsidiary’s fleet expansion has already begun with tendering of seven shipping vessels for a total investment of USD 600 million. Two more rounds worth USD 400 million are yet to follow until the end of the year. The subsidiary plans to add to its fleet 81 newbuild vessels in five stages through 2018.

With respect to refining vessels, rejuvenation plans are said to cost USD 240 million.

In 2013-14 the NOC’s refining subsidiary is said to renew its capacities with 25 new units, including barges, tankers, tugboats and other shallow-depth crafts.

Galician shipyards will be in charge of constructing seven of these vessels, while another seven contracts will be assigned between Mexican and Galician groups.

Finally, a portion of investments will be up for grab on the foreign shipbuilding market as well, having in mind Pemex’s plans to order construction of large scale tankers. Taking into account that national shipyards lack the necessary know-how in this particular segment, the task will have to be entrusted to a foreign contractor.

This will not be the first time Pemex chooses foreign shipbuilders having in mind that recently the company commissioned into operation 10 large-scale tankers built by South Korean shipyards.

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Shipbuilding Tribune Staff, October 4, 2012