Weekly Report - 26 July 2005

MEXICO | Fénix petrochemical scheme could be wholly private. The ambitious Fénix petrochemical project, which appeared to have been killed off when the finance ministry, days ago, decided not to subsidise the raw material, might yet take off if the private investors decide to go it alone. The announcement came last week from energy secretary Fernando Elizondo. Initially conceived as a partnership between the state oil company, Pemex, and three private firms, Nova Chemicals of Canada, Indepro and Grupo Idesa of Mexico, Fénix was expected to be the world's second-biggest petrochemical complex, with initial capacity to produce 1m tonnes of ethylene and 1.9m t of derivates. It was envisaged as substituting imports worth US$1.5bn, or 17% of Mexico's annual outlay on imported petrochemicals.

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