Mexican president Andres Lopez Obrador
Letter from Mexico: Amlo’s vanity project gets ever more expensive
Costs continue to spiral at a downstream development the utility of which was always questionable
The Olmeca refinery under construction at the port of Dos Bocas in Mexican president Andres Lopez Obrador’s home state of Tabasco is central to his ambitions to both assure energy sovereignty and, generally, restore state oil firm Pemex to what the leftist sees as its former glory. The flagship project will add 340,000bl/d to the nation’s current processing capacity of 1.6mn bl/d from Pemex’s other six refineries. But it is described by one local journalist as “the most opaque construction project” in Mexican history. And industry analysts and the general public alike have been frequently left in the dark regarding its progress and cost. The president insists the refinery will be ready in ti
Also in this section
27 January 2025
Regional state-owned firms are transforming their strategies and leveraging their resources to position themselves as clean energy powerhouses, and to ensure they maintain influence in a low-carbon world
27 January 2025
Asian neighbours seek resolution on territorial dispute for hydrocarbons development that has spanned decades
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
