Mexico begins construction of oil refinery in Paraiso

Mexico is beginning construction of an $8 billion oil refinery as President Andres Manuel Lopez Obrador calls for the nation to become self-sufficient in energy production. Sunday in Paraiso, Tabasco, where the refinery will be built, he said Mexico “depends too much on buying foreign gasoline.” According to Bloomberg, the president said the refinery will begin operations within three years after construction by Petroleos Mexicanos, the state-owned oil company. Bloomberg called PeMex “the world’s most indebted oil major.” It’s six refineries currently are operating at 35 percent of capacity. “PeMex’s existing refineries are in such poor shape that they lose more money the more crude they process.”