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.