Mexico announces $23 billion in refinery investments

The Associated Press

Mexico's state-owned oil company says it will invest about $23 billion in upgrading refinery capacity.

MEXICO CITY (AP) — Mexico's state-owned oil company says it will invest about $23 billion in upgrading refinery capacity, in part to produce cleaner gasoline.

The Petroleos Mexicanos company will spend much of the money at six refineries to produce ultra-low-sulfur fuels, which it says will help reduce emissions.

The company is known as Pemex. Its director said Tuesday that exploration this year has found about 1 billion barrels of crude equivalent in proved, probable and possible reserves.

Director Emilio Lozoya said 60 percent of the discoveries were in shallow water, and 35 percent in deep water and 5 percent on land.

At that rate, Pemex is making enough new discoveries to cover about 85 percent of reserve depletion due to production.

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