On 14 June private downstream consortium United Refineries of Mexico announced its plans to build six new refineries in the country. The consortium’s leader, Marco J.A. Espinosa Ochoa, has engaged American real estate giant CBRE for the project. CBRE will be the project’s main co-developer and has over 20 years of industry experience in Mexico. The six private refineries will require a total investment of $6bn, with Mexican partners initially providing $500mn on their own and seeking additional funds in international financial markets. Notably, United Refineries was founded immediately after the approval of the energy reforms to take advantage of the downstream sector’s liberalization. The consortium is currently the only significant local player in refining.