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Odebrecht-backed Energy Deal Likely Cost Mexico US$683 Million, President Says

RIO DE JANEIRO, BRAZIL - Mexico’s president said on Saturday that an “abusive” ethane supply deal he has pushed to cancel between a consortium backed by Brazilian firm Odebrecht and Mexican state oil firm Pemex had likely cost taxpayers around 15 billion pesos (US$683 million, R$3.8 billion).

The contract between Petroleos Mexicanos (Pemex) and the consortium made up of Odebrecht-controlled Braskem and Mexico’s Grupo Idesa, was agreed a decade ago during the tenure of ex-President Felipe Calderon, who was in office from 2006 to 2012.

In a video address on YouTube, President Andres Manuel . . .

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