Left Menu
Development News Edition

UPDATE 1-Chinese banks providing financing for Mexican refinery -ambassador

Reuters | Beijing | Updated: 14-01-2020 01:42 IST | Created: 14-01-2020 01:24 IST
UPDATE 1-Chinese banks providing financing for Mexican refinery -ambassador

Chinese banks are providing $600 million in financing for the construction of a new oil refinery at the Mexican port of Dos Bocas in the southeastern state of Tabasco, China's ambassador to Mexico said on Monday.

Ambassador Zhu Qingqiao told reporters that Industrial and Commercial Bank of China (ICBC) and Bank of China were participating in financing for the refinery, one of President Andres Manuel Lopez Obrador's flagship infrastructure projects. It was unclear what kind of financing the banks would provide for the project, which the government says will be built for $8 billion. That price tag has been questioned as too optimistic by critics of the project.

A spokesman for Mexico's energy ministry said funds for the project would come from the federal government. Lopez Obrador has said the Dos Bocas refinery will help Mexico wean itself off its growing reliance on fuel imports, the vast majority of which comes from U.S. refiners.



Turbulence surrounding tobacco control in Ghana

... ...

Smart healthcare: IoT redefining the way healthcare is delivered

As the world is embracing the new wave of digitalization triggered by the pandemic and the arrival of 5G, the adoption of IoT devices will further boom. With adoption set to soar, IoT security issues and other challenges cant be ignored any...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...


Latest News

Sterling gains as risk sentiment improves

Demand for riskier assets on Tuesday kept sterling close to the two-month high it reached the day before, with investors also hoping that this weeks Brexit talks will result in a deal.News on Monday that AstraZenecas vaccine for the coronav...

UK health minister says test and trace can't control COVID-19 alone

British health minister Matt Hancock said that test and trace cannot control the coronavirus in the way that an effective system of mass testing can, as he defended the performance of the heavily criticised contact tracing system. The test ...

Man in Kolkata arrested for duping people

A man has been arrested from neighbouring Salt Lake area for allegedly duping several people with forged Enforcement Directorate ED documents, an officer of the Bidhannagar Police said on Tuesday. The man, identified to be a local businessm...

Bipasha Basu reminisces playing double role as 'Dhoom2' clocks 14 years

As the blockbuster movie Dhoom 2 clocked 14 years, actor Bipasha Basu on Tuesday reminisced about playing a double role in the film. The Alone actor shared a video reel announcing the 14-year anniversary of the film featuring some of the sc...

Give Feedback