A group of Chinese banks, including the Bank of China and the Industrial and Commercial Bank of China (ICBC), will provide US$600m in financing for the construction of the MXN 150bn (US$8bn) Dos Bocas refinery in the state of Tabasco (southern Mexico). The construction of the 340,000 bbl/d Dos Bocas refinery was officially launched in June 2019. National oil company Pemex expects to complete the construction of the project in 2022.
The project, which is aimed at producing 170,000 bbl/d of gasoline and 120,000 bbl/d of diesel, should help reduce Mexico's dependence on gasoline imports while developing the region. The project had earlier been awarded to a group of foreign companies through a tender, that was cancelled when companies put forward commissioning dates and higher than expected costs. The project was then awarded to Pemex, which already operates 6 refineries in Mexico. However, Pemex is heavily indebted and operates the existing refineries at less than 1/3 of their capacity. The project might then suffer delays.
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