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Pemex to halt refinery projects to save $4.1 billion

Tuesday, February 17, 2015

Mexico's state-run oil company Pemex said it will delay execution of capital projects including major refinery reconfigurations and ultra-low sulfur fuel projects amid slumping crude prices.

The statement noted the company's board of directors last week approved cuts of $4.1 billion), or a reduction of 11.5 percent compared to the budget authorized by Congress.

Source: Reuters