EconomyFinancialPemex's Dos Bocas refinery will cost 4,700 million dollars...

Pemex's Dos Bocas refinery will cost 4,700 million dollars more

Just months away from its grand opening, Petróleos Mexicanos' beleaguered Dos Bocas mega-refinery project is running at least $4.7 billion over its initial budget.

Pemex, as the state oil company is known, has budgeted $12.5 billion for the project through the end of 2022, and is expected to spend at least another $2 billion this year, according to company documents and a person familiar with the matter. subject who asked not to be identified because the information is not public.

That would bring the total cost of the project to $14.5 billion, well above the $9.8 billion estimated by Energy Secretary Rocío Nahlé in April.

The Dos Bocas plant that will produce about 340,000 barrels a day — the crown jewel of President Andrés Manuel López Obrador's nationalist goal of energy independence — has been plagued by delays and escalating costs since the project was announced.

In January, Bloomberg reported that the project was significantly over budget and may not produce a single gallon of gasoline by 2022.

Pemex is expected to hold a board meeting soon to discuss the Dos Bocas project, according to the person.

A Pemex spokesperson and a spokesperson for the finance ministry did not immediately respond to a request for comment.

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