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Pemex to purchase 51pc of Galician shipyard
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A Pemex gas station in Jalisco, Mexico. (Photo: Coolceasar)
Pemex to purchase 51pc of Galician shipyard
MEXICO
Friday, May 03, 2013, 02:20 (GMT + 9)
The company Petróleos Mexicanos (Pemex) has signed a letter of intent to buy 51 per cent of the shares of the shipyard Hijos de J. Barreras (HJB), the largest private shipbuilding factory in Galicia.
According to the Spanish press, the agreement between the two companies, which would involve an investment of USD 240 million, was discussed during the visit to Mexico of the President of the Xunta de Galicia, Alberto Núñez Feijoo, in early April.
“Mexico will have more Galician ships and Galicia, more Mexican investment,” announced the president of Galicia.
The two parties agreed that Barreras will continue being managed by Galician executives, as it was indicated by sources related to the transaction even though it was not officially announced, the newspaper El Pais reported.
Furthermore, they explained that Pemex may decide with full autonomy to build two floating hotels (flotels).
“Pemex transfers technology to Mexico and intends to spark off the Mexican shipping industry,” the sources added.
According to Pemex, the purpose of this purchase is “to transfer medium-term technological knowledge HJB has to build the ship construction capacity specialized in Mexico.”
“It is anticipated that the capital contribution that will be made jointly will initially amount to EUR 10 million, which is considered sufficient to meet working capital needs,” added the oil firm, according to the data published by the newspaper El Universal.
For two years, the Vigo shipyard has been paralyzed, without orders and immersed in a difficult economic situation.
In September 2012, the company emerged from a commercial creditors’ meeting phase with a capital increase of EUR 10 million.
Before, the creditors had been affected by a reduction of 80 per cent of the total debt –EUR 71 million — and a delay of four years to collect the remaining 40 per cent.
By Analia Murias
editorial@fis.com
www.fis.com
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