Mexican oil shake-up likely if frontrunner wins presidency, says adviser

02/22/2018 Reuters

energy - oil barrelsMexico’s presidential frontrunner is not opposed to foreign investment in the country’s oil, his top energy adviser said, but his government would make dramatic changes to energy strategy, including a new focus on refining rather than crude exports.

In perhaps the most significant change envisioned by Andres Manuel Lopez Obrador, the favorite to win the July 1 election, Mexico would seek to end decades of exporting crude in three years, a lawmaker who Lopez Obrador has tapped to be his future energy minister said in an interview.

Instead, Mexico should turn its focus to value-added fuels, processing crude domestically to produce more gasoline and diesel at refineries owned by state oil company Pemex [PEMX.UL], Rocio Nahle told Reuters late on Wednesday.

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