Pemex’s US$12.5bn Dos Bocas refinery gets more expensive

(Bloomberg) — 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. She asked not to be identified because the information is not public.

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

The Dos Bocas plant that will produce some 340,000 barrels per 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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Pemex’s $12.5 Billion Dos Bocas Refinery Just Got More Expensive

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