Jul 01, 2022
Mexican president: New refinery is a dream come true
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MEXICO CITY (AP) — The office of Mexican President Andrés Manuel López Obrador said Friday that the country’s new Gulf coast refinery is “a dream come true.”
López Obrador “inaugurated” the partially finished Olmeca refinery in Dos Bocas, a city in his home state of Tabasco.
The project, when finished, is expected to cost as much as $12 billion, well above original estimates of $9 billion.
In 2021, Mexico agreed to buy Shell’s 50% share in the jointly owned Deer Park refinery near Houston, Texas for about $600 million. The two refineries would have similar capacities, leading to questions about the much larger investment in building a new refinery.
The new refinery is part of López Obrador’s startegy of making Mexico self-sufficient in gasoline, which it has long imported. He noted Mexico had not built a new refinery since the 1970s.
The eventual opening of the plant comes as many energy companies are trying to exit the historically low-margin refining businesses, as demand for renewable energy increases.
“We did not pay attention to the song of the sirens, the voices that predicted, perhaps in good faith, that the oil era was over, and that electric cars and renewable energy was arriving massively,” López Obrador said.
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Tags: a dream come true renewable energy pez obrador said
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‘Whoring ourselves out’ – Man Utd legend Rio Ferdinand slaughters club chiefs over Frenkie de Jong transfer chase
RIO FERDINAND has accused Manchester United of "whoring" themselves out to try and sign Frenkie de Jong.
Erik ten Hag made signing the midfielder one of his top priorities after replacing Ole Gunnar Solskajer as manager but has been snubbed by the Barcelona ace.
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Ferdinand said on his Vibe with Five podcast: "We're almost whoring ourselves out for this player.
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De Jong, 25, is determined to stay at Barca to re-coup the wages he slashed during the height of the pandemic.
READ MORE IN SPORTTRANSFER NEWS PSG eye Rashford, Man Utd and Chelsea in Frenkie de Jong battleBut United's Premier League rivals Chelsea are also interested in signing the Netherlands international.
Ten Hag's nightmare start to life at The Theatre of Dreams continued on Saturday as his troops were battered 4-0 by Brentford.
United are currently ROCK BOTTOM of the Premier League table having conceded six goals in their first two matches.
Ferdinand said of the defeat: "I don't feel sorry for the players, I feel sorry for Ten Hag.
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"He's probably sitting there thinking "I've been sold a dummy here. I didn't know I was coming into this". Confidence, I know, was going to be low.
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United will look to get back to winning ways a week on Monday when they welcome title-chasing Liverpool to Old Trafford.
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