June 21, 2024 [Reuters]- Mexico’s state energy company Pemex will start processing crude oil in its new Olmeca refinery in the port of Dos Bocas in the second half of the year, its Chief Executive Officer Octavio Romero said on Thursday.

At the end of the year, Romero added, Pemex would process 1.44 million barrels per day at its domestic refineries, including 163,000 in the new Olmeca refinery in Tabasco State.

The start dates of the refinery, which was supposed to be finished in 2022 after three years of construction, have been pushed back many times.

Its cost has since ballooned to over $16 billion, more than double what the government had initially budgeted.