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Article Excerpt
A planned gasoline refinery that would go a long way toward solving Central America's high energy costs may never be built. All the countries of the isthmus will suffer from the loss of the plant but the suffering will be distributed unevenly, depending on the deals they have been able to make on their own to drive down gasoline prices. The biggest potential losers are Panama and Guatemala, which led the pack in the bidding to have the refinery located on their turf. Guatemala was the front-runner in this contest, receiving highest marks in a feasibility study that found Puerto Quetzal on the Pacific coast to be the most advantageous location (see Noticen, 2006-06-08). The reason for the reversal: Mexico is hedging on its part in the deal.
Mexico's participation is crucial. In the original plan, the country's state-run oil company Petroleos de Mexico (PEMEX) committed to supplying 230,000 barrels per day of crude for 20 years. Plans also called for PEMEX, through PMI Comercio Internacional, to open a bidding process for building a refinery with a capacity of 360,000 bpd. Profitability was predicated on the understanding that 59% of...
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