Mexican chief pushes Phoenix

Mexican President Vicente Fox has announced revamped plans for the Phoenix petrochemical project. Instead of anticipating a major new chemical joint venture between Pemex, Nova Chemicals, and local partners costing nearly $2 billion, the government now has in mind $850 million in small projects and plant upgrades, according to the Mexican news agency Notimex. Plans call for a 45% increase in ethylene capacity at Pemex facilities in Cangrejera and Morelos by 2009, and for a new aromatics complex in Altamira by 2010. Nova cautions that plans for the projects are not final. "We are aware of the revised proposal and are working with our partners to respond to it," a Nova spokeswoman says.