Mexico’s AMLO to stop E&P, power opening

Mexico

MEXICO CITY, March 19, 2018 – Andres Manuel Lopez Obrador, if elected in Mexico’s July general elections, will put an end to power sector privatisation and ask President Enrique Peña Nieto to stop tendering new E&P licences, the candidate said at an event on Sunday.

President Peña Nieto’s government is trying to hold as many E&P auctions as possible before the new government takes over in December, with three more tenders scheduled for 2018 so far.

“Particularly, I’m going to tell them to stop with the sale of the Yucatán and Quintana Roo coasts that should not be used for petroleum extraction, because it involves one of the most important tourist regions in our country,” AMLO, as he is known in Mexico, said. “We will intervene immediately.”

The political candidate also reiterated his intention to review oil and gas contracts issued since the energy reform was passed in 2014, though in February one of his business advisors had stated that the awarded contracts had been reviewed and so far were found to be transparent.

With regards to the refining sector, AMLO made commitments to quickly reverse the trend of Mexico’s fuel imports.

“I’m committed to having stopped buying foreign fuels by midway through the next six-year term, because we’re going to rehabilitate the six existing refineries and we will build two big refineries,” he said. “We’re not going to sell crude oil abroad. We’re going to process all the raw material in our country to lower the price of fuel.”

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