Article author:
Related press
Mexico City (AP) — Mexico's President Andres Manuel Lopez Obrador's office said on Friday that the country's new Gulf refinery "has come true."
Lopez Obrador "launched" a partially completed Ormeka refinery in Dosbocas, his hometown of Tabasco.
When the project is completed, it is expected to cost as much as $ 12 billion, well above the initial estimate of $ 9 billion.
In 2021, Mexico agreed to buy a 50% stake in Shell, a co-owned Deerpark refinery near Houston, Texas, for about $ 600 million. The two refineries have similar capabilities and lead to questions about a much larger investment in building a new refinery.
The new refinery is part of Lopez Obrador's efforts to make Mexico self-sufficient in the gasoline that Lopez Obrador has long imported. He said Mexico had not built a new refinery since the 1970s.
As the demand for renewable energy grows, many energy companies are trying to withdraw from the historically low-margin refining business, eventually opening a factory.
"Siren's song, perhaps sincerely, did not pay attention to the voice that predicted the end of the oil era and the arrival of large quantities of electric cars and renewable energy," said Lopez Obrador. ..
