The investment will help the company in boosting production of clean fuel, increase capacity of crude processing capacity which will in turn help in reducing green house gases.

Expected to generate more than 60,000 direct jobs, the investment will be done in partnership with private sector.

The investment plan has been announced despite the firm facing budget cuts due to plunging global oil prices, reported The Wall Street Journal.

Pemex plans to invest $3.1bn to more than double output of ultra-low-sulfur gasoline to 210,000 barrels a day at all of its six refineries as well as $3.9bn to increase the diesel ultra low sulfur capacity in order to reduced fuel imports.

A further $250m will be spent to develop desulphurisation plant with capacity of 30 thousand barrels per day charge at the Miguel Hidalgo refinery.

About $5bn is also planned to be invested to upgrade the crude oil processing capacity of Tula refinery to 340,000 barrels a day, making it the company’s largest in terms of processing capacity.

The company plans to invest $8bn to upgrade the refineries at Salamanca and Salina Cruz.

Separately, Pemex said it has incorporated 3P reserves of more than one billion barrels of oil equivalent as part of the exploratory activity in the current year.

The firm is also progressing with the development of its first four cogeneration projects with an estimated investment of more than $3.7bn.

Expected to generate 300 jobs, the projects are being developed in the Tula, Hidalgo; Cadereyta, Nuevo Leon and Salina Cruz, Oaxaca, as well as in gas processing complex Cactus, Chiapas.

Image: Pemex’ office in Mexico. Photo: courtesy of JEDIKNIGHT1970/Wikipedia.