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AMLO Boosts Bid to Cut Gasoline and Oil Imports with Bumper Refinery Investment

MEXICO
  • Milenio reported over the weekend that AMLO's government is set to invest as much as MXN 3.5bln in Pemex's Cadereyta refinery in order to improve operations. The investment comes alongside a further MXN 3bln boost for Pemex's Tula coker unit - both of which should boost AMLO's bid to reduce oil imports.
  • In a message posted on his Twitter account, AMLO clarified that the spending is to come from pre-existing budget resources, not additional financing.
  • No data or scheduled events for Mexico Monday, with focus on the Banxico decision due Thursday. The bank are seen keeping headline policy rates unchanged at 11.25%.

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