A Mexican think tank has declared that Pemex’s newest refinery is doomed in a grim analysis released this month. The Mexican Institute for Competitiveness (Instituto Mexicano para la Competitividad, or IMCO for short) released a damning financial analysis of the Dos Bocas refinery, currently being developed in Tabasco by state-owned oil company Petróleos Mexicanos (Pemex), which gave the project a mere 2 percent chance of success. Highlighting the disastrous findings of the financial analysis, a report accompanying the results warns that if Mexico goes through with the Dos Bocas project, it “could generate a serious crisis for the public finances of the whole country.” The Dos Bocas project is being backed strongly by Mexican president Andrés Manuel López Obrador and is to be built in his home state of Tabasco. The newly elected leftist president ran on a platform of “energy sovereignty” for Mexico and a large-scale campaign to […]