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Mexican President Weighs Bids on Huge New Oil Refinery Construction

Sputnik International

MEXICO CITY (Sputnik) - Mexico's new President Andres Manuel Lopez Obrador said on Sunday that tenders for the construction of a new large oil refinery in the... 10.12.2018, Sputnik International

2018-12-10T00:51+0000

2022-11-15T14:19+0000

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Mexican President Weighs Bids on Huge New Oil Refinery Construction

00:51 GMT 10.12.2018 (Updated: 14:19 GMT 15.11.2022)

Oil workers lower the drill on the Centenario deep-water drilling platform off the coast of Veracruz, Mexico in the Gulf of Mexico, Friday, Nov. 22, 2013 - Sputnik International

MEXICO CITY (Sputnik) - Mexico's new President Andres Manuel Lopez Obrador said on Sunday that tenders for the construction of a new large oil refinery in the country's southeastern state of Tabasco would be announced no later than March 2019.

"The oil refinery will be built here because oil will be processed here as well, it will not be exported. This is the best site for the construction of the new refinery," Obrador said at a ceremony of the laying of a symbolic cornerstone for the future facility as quoted by the Excelsior news portal.

The PEMEX logotype on the tower of the drilling tower of La Muralla IV exploration oil rig, operated by Mexican company Grupo R and working for Mexico's state-owned oil company PEMEX - Sputnik International

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The Mexican president also confirmed that the state-owned Pemex petroleum company would receive additional $3.6 billion to boost its oil production.

According to Obrador, Mexico will seek to increase oil production from the current less than 1.8 million barrels per day to 2.4 million barrels per day in 2024. The new oil refinery is expected to process 340,000 barrels of oil per day.