Mexico may finally be about to get off high center on privatization of its secondary (intermediate) petrochemicals sector.
Mexican state oil company Petroleos Mexicanos last week disclosed terms of the sale of a 49% stake in its petrochemical plant at Morelos, the first of seven plants in which it hopes to sell a minority share. Prospective bidders are required to register with the Energy Secretariat no later than Oct. 26, and the bidding results will be announced Feb. 19, 1999. Any bid group is allowed only a minority foreign participation.
The winning bidder will be required to invest $49 million to upgrade the plant, while Pemex has committed to investing another $51 million ...