![]() ![]() The president-elect has been a long-time opponent of the privatization of Mexico's energy sector. To date, NAICM is 30% completed, local media has reported. He said he preferred maintaining the existing Mexico City airport and reconfiguring the nearby Santa Lucia military airport. The president-elect opposed NAICM, saying it was a waste of money. The peso fell about 3.6% against the dollar following the NAICM announcement.Ĭompleting the construction of the airport was a contentious issue during the campaign. But the market reaction might remind him to look at the peso and not the polls," Monaldi said. "I do think that it sets a bad precedent in general for investors, but particularly for energy investors, given that the animosity against NAICM is matched by Lopez Obrador's disdain for the energy reform. The NAICM cancellation shows Lopez Obrador's willingness to sidestep institutions and his disdain for the rule of law, Francisco Monaldi, a Latin American energy policy fellow at Rice University's Baker Institute for Public Policy, told Platts on Monday. The consultation was an exemplary exercise of democracy, he added. "This decision will be taken with the absolute respect to the rule of law without affecting the interest of companies and investors," Lopez Obrador said. The option to cancel the project won in the referendum with 70% of the vote. ![]() Receive daily email alerts, subscriber notes & personalize your experience.Īfter a weekend referendum, Lopez Obrador canceled the project during a webcast event on Monday. ![]()
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