Abengoa (ABGB) Won't Participate in Pemex Plant Construction with Enel
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Abengoa (Nasdaq: ABGB) CEO Joaquín Fernández de Piérola commented today that it will not participate with Enel on construction of a plant for Pemex in Salinas Cruz, Oaxaca, Mexico.
Mexico's Reforma noted Wednesday that Abengoa could still intervene in terms of design, construction, and contractors. The company will just skip making a capital investment in the project.
De Piérola said the company is shifting focus to higher-return projects for the next five years.
Shares of Abengoa are down 5 percent.
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