Mexico's Pemex Drops $475M To Buy, Revamp Fertilizer Plant

Law360, New York (January 17, 2014, 1:38 PM EST) -- State-owned Petroleos Mexicanos said it will revitalize a urea plant it picked up Thursday from a Minera del Norte unit for a total investment of $475 million, in an effort to stimulate economic development in rural areas of Mexico by trimming fertilizer imports.

Under the terms of the deal, Pemex unit PMI nabbed the plant from Nitrogenous Argo SA de CV. The $475 million price tag covers the cost of the Veracruz-based plant, its assets and the renovations needed to return the plant to full production,...
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