Mexico’s $20 Billion Refinery Flops as Trump Threatens Oil Tariffs
Scott Squires
Thu, January 23, 2025 at 8:30 PM GMT+5:30 6 min read
(Bloomberg) -- At a packed press conference in the muggy port town of Dos Bocas, Mexico’s energy minister unveiled a bold plan to fast-track construction of the country’s largest oil refinery to date, a flagship project under the government of then-President Andres Manuel Lopez Obrador.
Rocio Nahle told the reporters gathered in 2019 that borrowing designs from a previously scrapped refinery venture would save taxpayers a fortune, keep the facility within its $8 billion budget and have it up and running in just three years.
More than five years later, the Dos Bocas refinery is still unfinished. Its price tag recently surpassed $20 billion, making...
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