Mexico’s newly elected President yesterday revealed plans of constructing an $8 billion oil refinery and to renovate six others in a bid to lower Mexico’s dependence on imported fuel. Lopez Obrador, who took the President’s office in Dec, is looking to finance $3.65 billion for the state-owned oil major, Pemex. In 2018, Pemex has produced less than 1.8 bbpd of crude, heading towards 14th consecutive year of declining oil output.