CFE Reveals 446 Billion Peso Investment Initiative
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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AMLO’s Second Nationalization Is a Costly Hoax
with the transfers of more financial resources to the CFE to cover its new deficit, the people of Mexico will bear the cost in higher electricity bills
Read moreAMLO Buys Iberdrola Plants, May Have Gotten Burned in Deal
After four years of verbally barraging the Spanish-owned Iberdrola energy company, the AMLO administration would now be purchasing the bulk of that company’s Mexican power-generating plants for the sum of $6 billion
Read moreWhile Global Oil Sales Soar, Pemex Has Lowest Output Ever
Pemex officials at the start of 2022 promised that the company would produce a minimum of 2.6 million barrels daily throughout the year
Read morePemex Liable to Pay $16.7 Billion in Debt before End of 2024
By KELIN DILLON According to the new 2023-2027 Business Plan Report presented by Mexico’s state-owned oil company Petróleos Mexicanos (Pemex), Pemex must pay back more than $16.7 billion in debt amortizations before the end of Mexican President Andrés Manuel López Obrador’s (AMLO) six-year term, which is set to end in 2024. The report revealed that Pemex was able to put
Read morePemex’s Oil-Refining Operations Lose Millions of Pesos per Hour
By KELIN DILLON As Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) continues to bet big on its crude oil refining future through its controversial under-construction Dos Bocas refinery and its official acquisition of the Texan Deer Park refinery at the beginning of 2022, Pemex has seemed to have dealt itself a losing hand. According to new data, Pemex’s refining operations
Read moreCompraNet Website Suspension Opens Door to More Corruption
By MARK LORENZANA Anticorruption and transparency groups, business and political organizations, journalists and concerned individuals in Mexico have all called on the government of Mexican President Andrés Manuel López Obrador (AMLO) to restore the public-information system CompraNet, which has been “temporarily suspended” since Friday, July 15. CompraNet is an information system in Mexico through which citizens can openly search about
Read moreWork Continues on Suspended Tren Maya Section, with 92 Percent Budget Hike
By KELIN DILLON While work on the fifth section of Mexico’s controversial Tren Maya project was purportedly suspended by a Mexican federal judge last April after the project failed to acquire proper Environmental Impact Statements (MIA) ahead of its construction, building on the Tren Maya’s fifth section has reportedly continued on in spite of the judge’s ruling – and with
Read moreMexico Pumps $3.5 Billion to Lower Pemex’s Debt
By KELIN DILLON In an attempt to reduce its foreign debt, Mexico’s state-owned fuel company Petróleos Mexicanos (Pemex) received $3.5 billion in bond buybacks from the Mexican federal government, the country’s Secretariat of Finance (SHCP) reported on Tuesday, Dec. 7. This financial injection is equivalent to 74 billion pesos, about half the annual budget given to Mexico’s Secretariat of Public
Read moreMexican Military Increases Bidless Contracts by 64 Percent
By KELIN DILLON Throughout the last year under the administration of Mexican President Andrés Manuel López Obrador (AMLO), Mexico’s Secretariat of Defense (Sedena) has increased its spending on bidless contracts by 64 percent, with many of the awarded contracts going to recently created companies or enterprises billed at a residential address. In 2020, Sedena directly distributed some 6.3 billion pesos
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