The plan will fund the development of four combined-cycle and seven hydroelectric plants across Mexico, which will help the country reach 99.99 percent electricity coverage nationwide
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The state-owned oil company owed 403 billion pesos to its contractors according to a Pemex financial report from 2024’s third-quarter
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Sheinbaum said the works have brought peace and potential economic prosperity to Mexico, while highlighting upcoming public work under her administration, such as the construction of passenger trains and highways
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Lending A Helping Hand in Our Time of Energy Need
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The approach of the Sheinbaum administration stands in contrast to the policies and opinions held by her predecessor, former Mexican President Andrés Manuel López Obrador
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Grupo Cotemar, a favorite contractor of Pemex, was previously involved in two Pemex accidents that resulted in the loss of nine lives
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According to the IEA’s “Oil 2024, Analysis and Forecast to 2040” report, Pemex has only produced an average of 1.5 million barrels of oil per day since February 2024
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The state-owned oil company highlighted that Mexico’s potential energy transition could see the nation phase out its hydrocarbon subsidies and halter Pemex’s ability to seek out and develop new oil deposits.
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The move comes as the price of crude oil is projected to increase to $88 per barrel in 2024
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However, the CFE’s funding proposal for its 2024 investment plans far eclipses the budget allocated for the state-owned company by the 2024 Expenditure Budget of the Federation
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