Mexican president Andres Lopez Obrador
Letter from Mexico: Amlo’s vanity project gets ever more expensive
Costs continue to spiral at a downstream development the utility of which was always questionable
The Olmeca refinery under construction at the port of Dos Bocas in Mexican president Andres Lopez Obrador’s home state of Tabasco is central to his ambitions to both assure energy sovereignty and, generally, restore state oil firm Pemex to what the leftist sees as its former glory. The flagship project will add 340,000bl/d to the nation’s current processing capacity of 1.6mn bl/d from Pemex’s other six refineries. But it is described by one local journalist as “the most opaque construction project” in Mexican history. And industry analysts and the general public alike have been frequently left in the dark regarding its progress and cost. The president insists the refinery will be ready in ti
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
