Proxeta Introduces New Strategic Fiscal Regime in CoatzacoalcosBy Paloma Duran | Fri, 12/04/2020 - 11:30
Mexico-based Proxeta will implement a strategic fiscal regime (RFE) area in Coatzacoalcos, Veracruz. This new project aims to benefit the oil industry and increase regional investment, aiming to boost the Interoceanic Corridor of the Isthmus of Tehuantepec (CIIT).
CIIT aims to tackle the economic and social inequity of southern Mexico by connecting the ports of Oaxaca and Veracruz, facilitating the exports of goods to Asia, Europe and the US, while becoming a logistics development pole that is expected to compete with the Panama Canal, reported MBN.
In the Federal Expenditure Budget (PPEF) 2021, CIIT has a MX$4.7 billion (US$24 million) programmed budget, 70 percent of which is intended to rehabilitate and modernize railway infrastructure surrounding the port areas of Salina Cruz and Coatzacoalcos, consolidating it as an effective and attractive alternative to world trade routes, reported MBN.
The REF precinct is expected to cover an area of 1.84ha in the port of Coatzacoalcos and will be the first facility of this type in the zone. Proxeta will manage the area for the next 20 years with the option to renew the permit for another 20 years, reported CA Posts.
The precinct aims to serve three firms that are part of Proxeta’s supply chain in the energy sector. According to Fernando Acosta, Operations Manager of Permaducto, a subsidiary of Grupo Protexa, these firms can trade products and manufacture raw materials, which can in turn be exported or sold at the precinct, reported El Financiero.
Besides providing benefits to the supply chain, REF seeks to connect the precinct with the US, South American and European markets. Acosta said the company is negotiating with an Italian petrochemical firm, reported CA Posts.
The REF will allow companies to import, export and store goods for the next five years without paying foreign taxes or compensatory fees. This strategy seeks to attract production lines to the region and boost investment in the Isthmus Program, reported CA Posts.
Victor Pérez Olave, President of the National Council of Energy Clusters, said to MBN that to attract investment from countries and northern states, companies must provide access to cheap energy and resources. Pérez said projects for the port of Coatzacoalcos are being expanded thanks to investments in the CIIT project. He added that despite the enormous availability of both fossil fuels and renewable energy in southern states, one of the problems that limits distribution is the age and poor condition of their existing transmission lines.
Proxeta said to CA Posts that the company also aims to serve PEMEX´s operations by participating in the supply of materials and services inside and outside Mexico. In August, Mexico announced there was the possibility of creating a crude and natural gas market in the new Transisthmic project that expected to travel from Salina Cruz to Coatzacoalcos, reported MBN.
Proxeta added that the evaluation of the REF project will be essential to decide the years the company will manage the precinct, besides its participation in other projects as the one in Tuxpan, where the company has 60ha, reported CA Posts.