Dos Bocas originally received 46.2 billion pesos in the construction budget for the year 2019, 45.5 billion pesos in 2020, 113.7 billion pesos in 2021 and 60.9 billion pesos in 2022, with an additional 47.2 billion pesos now allotted to the project for 2023
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PULSE NEWS MEXICO Mexican President Andrés Manuel López Obrador (AMLO) on Friday, Aug. 5, announced the his administration would no longer provide financial subsidies to offset the high cost of premium gasoline. In March of this year, after global oil prices skyrocketed as a result of the war in Ukraine, López Obrador ordered the Treasury to provide a nationwide Special
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By MARK LORENZANA Mexican Treasury Secretary Rogelio Ramírez de la O said he authorized a transfer of 22.5 billion pesos, labeled as “urgent,” to the Dos Bocas refinery in the southeastern Mexican state of Tabasco — one of President Andrés Manuel López Obrador’s (AMLO) controversial pet projects — at a meeting of the board of directors of state-run oil giant
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By THE PULSE NEWS MEXICO STAFF With the government’s new Dos Bocas oil refinery slated to open in July and the expanded operations of the Paraíso refinery in Tabasco, President Andrés Manuel López Obrador (AMLO) said Tuesday, April 12, that Mexico will be self-sufficient in gasoline, diesel and turbine fuel production by the year 2023. Speaking during his quarterly State
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By KELIN DILLON According to the Mexican Center for Economic and Budgetary Research (CIEP), if the current tax subsidies provided to gasoline and diesel by the Special Tax on Production and Services (IEPS) are maintained, the Mexican economy will lose 554 billion pesos and experience 2.4 percent contraction in GDP in 2022 as a direct result of the policy. Given
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By THE PULSE NEWS MEXICO STAFF Keeping President Andrés Manuel López Obrador’s (AMLO) promise on Thursday, March 3, to not raise gasoline prices as global crude oil prices soar will come with a hefty price tag for his administration, experts warned on Friday, March 4. Just last January, the fiscal stimulus granted by the government to gasoline consumers represented a
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By KELIN DILLON On Wednesday, Dec. 22, the U.S. government approved Mexico’s state-owned oil company Petróleos Mexicanos’ (Pemex) $596 million purchase of Shell’s Texas refinery Deer Park, with the acquisition planned to be finalized within the first few weeks of 2022. “The purchase shows a good relationship between the United States and Mexico,” said Mexican Secretary of Foreign Relations Marcelo
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By KELIN DILLON Though Mexican President Andrés Manuel López Obrador’s (AMLO) under construction Dos Bocas refinery maintains its planned July 1, 2022, launch date, new reports reveal the crude oil processing plant will take more than a year to operate at full capacity, which is anticipated to occur in September of 2023. As per López Obrador’s schedule, the full operations
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By THE PULSE NEWS MEXICO STAFF Mexican Finance (Hacienda, or SHCP) Secretary Rogelio Ramírez de la O will need to earmark at least $8.9 billion of federal funds for the state-run oil company Petróleos Mexicanos’ (Pemex) refinery division between 2022 and 2024 in order for the country to become self-sufficent in gasoline production, according to a study conducted by the
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By THE PULSE NEWS MEXICO STAFF Despite efforts by Mexico’s Central Bank (Banxico) last month to rein in inflation through a hike in interest rates, the average price of regular unleaded gasoline hit 24 pesos per liter on Monday, July 12, its highest cost ever, according to the country’s Energy Regulatory Commission (CRE), which is in charge of monitoring fuel
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