Pemex’s $12.5 Billion Dos Bocas Refinery Sees Higher Costs
- The refinery now expected to be $4.7 billion over budget
- Pemex is expected to hold a board meeting on Dos Bocas soon
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Petroleos Mexicanos’ beleaguered mega-refinery project in Dos Bocas could run at least $4.7 billion over budget with just months to go before its grand opening.
Pemex, as the state-owned oil company is known, has budgeted $12.5 billion for the project through the end of 2022, and is expected to spend some $2 billion more on the project, according to company filings and a person familiar with the matter who asked not to be identified because the information isn’t public.