MEXICO CITY, Nov 10, 2003 (El Universal/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- The cost of 202 public works contracts in dollars with private companies in the energy sector will increase by 5 billion pesos (US$456 million) as a result of exchange rate changes and extensions for the largest contracts held with Petroleos Mexicanos (Pemex).
The exchange rate is expected to close this year at 10.7 pesos per dollar, and then increase to 11.2 pesos per dollar next year. For example, the higher exchange rate will boost costs for the El Cajon hydroelectric generator project by 812 million pesos (US$74 million).
Extensions of projects including Cantarell, Burgos, A.J. Bermudez and Ku-Maloob-Zaap will absorb the largest amount of additional investments in the petroleum industry, which climb to nearly 215.30 billion pesos (US$19.64 billion).
For the second consecutive year, Pemex did not present new projects to Congress and instead will request that the investments originally agreed upon be extended. The Cantarell project, for example, involves a private capital injection of about US$5.94 billion while the Ku-Maloob-Zaap project needs some 28.73 billion pesos (US$2.62 billion).
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