Mexico doubles down on refinery, vows deeper Pemex tax breaks

MEXICO CITY: Mexico will recapitalize state oil company Pemex and reduce its tax burden to help build a new refinery and raise production from onshore and shallow water fields, CEO Octavio Romero said on Tuesday in a presentation of a business plan.

Romero vowed to raise Pemex production within three years, and to reach 2.697 million barrels per day (bpd) of oil by the end of the government of President Andres Manuel Lopez Obrador in 2024.