Investors Raise Concerns as AMLO Hands Refinery Project to Pemex
- Mexico president rejects bids to build $8 billion refinery
- Pemex is struggling with a massive debt pile, falling output
This article is for subscribers only.
Investors are shaking their heads after Mexico President Andres Manuel Lopez Obrador scrapped a bid round for an $8 billion refinery, instead handing the project to troubled Petroleos Mexicanos.
Outside offers to build the plant were too expensive, Lopez Obrador said Thursday, while some bidders suggested that the project couldn’t be done by the government’s 2022 target.