Renaissance Oil Corp. RNSFF

Pemex plans construction of an $8 billion oil refinery

[hydrocarbss]

Less than four months since assuming office and control of the national oil company Pemex, the President of Mexico has Pemex launching the construction of a new $8 billion refinery.

This refinery will be built in the President's home state, the gulf coast state of Tabasco.  In announcing the project President Obrador stated, "We will be efficient and at the same avoid corruption."  

Officials stated that they expect the facility to be constructed in three years.  The typical timeframe for building a refinery of this size is between five to ten years stated a Houston based oil analyst.

In a theme taken from Field of Dreams, build it and they will come, the Mexican government has stated that the construction of a refinery is supposed to wean Mexico off of growing fuel imports.  

One might point out the utilization rate of current Mexican refineries is less than fifty percent and that crude oil is the necessary raw ingredient for a refinery and that Pemex crude oil production is dropping.  In thinking this through, it might be prudent for Mexico to focus on avenues of crude oil production increases...

Now how could Mexico achieve increases in crude oil production?  How about approval of some of the contracts that have languished for NINE months in the migration process.  
Something as complex as a refinery with it's pipelines, tanks, rail, roads, dockside moorings, has complete regulatory approval in less than FOUR months.  How many regulatory agencies had to sign off on that environmental impact statement?

Yet a simple drilling program, a routine business for ROE sits in regulatory process forever....

Are the Mexcian authorities responsible for the migration process, exercising a good faith effort?  


Seriously, this is more surreal than Alice in Wonderland.