|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Mexico

Mexico President-Elect Pledges Major Investment in Energy

MEXICO CITY – Mexican President-elect Andres Manuel Lopez Obrador presented on Friday a plan to invest 304 billion pesos ($16.3 billion) to expand energy output, with most of the sum earmarked for state oil company Pemex.

The equivalent of $4 billion will go toward drilling new wells with the aim of increasing oil production from the current level of 1.9 million barrels per day to 2.5 million bpd by the end of 2020, the future head of state told reporters outside his transition office in Mexico City.

“In 14 years we have lost 1.5 million bpd,” he said, referring to an ongoing decline in crude output. “That’s why we’re going to intervene in an urgent way.”

The second element of the plan calls for spending some $2.6 billion to ensure that Mexico’s six existing oil refineries are operating at 100 percent of capacity within two years.

Another $8.57 billion is to be invested in building a seventh refinery at Dos Bocas, a Gulf coast port in the southeastern state of Tabasco, Lopez Obrador said.

“With the new refinery and the rehabilitation of the others, we will keep the campaign promise we made that by the midpoint of the six-year term, we will stop buying gasoline from abroad and we will lower the prices of fuels,” he said.

Apart from investment in the oil sector, the initiative assigns around $1 billion to increasing electricity output by “modernizing the hydroelectric plants,” the leftist president-elect said.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2019 © All rights reserved