LatinNews Daily - 26 July 2018

* Rocío Nahle, who has been named as Mexico’s future energy minister by President-elect Andrés Manuel López Obrador, has told reporters that the incoming government will invest approximately US$2bn to renovate the six oil refineries owned by the state-run oil company, Pemex. Nahle said that Pemex’s budget would not have to be increased to carry out these renovation works, because the government “is going to redirect” existing funds to this effect. The incoming administration’s proposed energy polices have come under criticism, particularly its plans to build new oil refineries, which has been reaffirmed by Rocío. Critics have said that new refineries are unnecessary and will likely involve cost overruns. Meanwhile El Universal, the national daily, has reported that out of the six existing Pemex refineries only two are currently operating at full capacity.

End of preview - This article contains approximately 134 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial