Mexico’s New President Reaffirms Commitment to Nationalize Oil Resources
Mexico’s president-elect, Andres Manuel Lopez Obrador (AMLO) reaffirmed that his administration will spend more than US$2.63 billion to bring the state’s oil refinery company, Petroleos Mexicanos (Pemex), up to date.
AMLO said he plans to update the six Pemex refineries in order to reduce imports and increase the country’s crude production quality.
The president-elect, who will be sworn in on December 1, will include the construction of a new plant at the cost of US$ 8.4 billion dollars and should be complete in three years.
