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Mexico’s Pemex Starts Up 300 MW Nuevo Pemex Power Plant

Petroleos Mexicanos said it started up its $530 million, 300 megawatt cogeneration power plant, part of a plan to become self-sufficient in energy generation.

The Nuevo Pemex plant in the southeastern state of Tabasco, financed by Spain’s Abengoa SA (ABG) and Mexico’s state bank Banobras, will save the state oil company $152 million a year by replacing less efficient generators, the company known as Pemex said in a statement on its website.

The plant is the largest of its kind in Latin America, Pemex said. Cogeneration produces electricity from heat sources such as steam.

To contact the reporter on this story: Alex Emery in Lima at aemery1@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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