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Construction has reportedly slowed at an oil refinery project in Mexico with funds drying up to pay suppliers. The Philippine government has requested an additional 10bn pesos (US$500m) on top of a US$1.13bn cash injection in March. The Sener refinery is closing in on its planned July 2 start of operations, but full operations may still be years away.
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The final cost of the project could be as high as US$12bn, according to the Sener ministry. Olmeca will be the biggest refinery in Mexico, with capacity to process 340,000 barrels per day of crude oil. The megaproject is key for the strategy of Pemex’s refining unit and for the government’s plan to halt Mexican crude exports.
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