translated from Spanish: Moody’s warns of risks for two-mouth construction

The rating Moody’s estimated that the construction of the refinery of two mouths will cost more than 12 billion of dollars due to the lack of experience of Pemex.
According to reports from the newspaper Reforma, the qualifier noted that “given the lack of government experience and Pemex in the construction of refineries, the project is likely to end up costing more and taking more time than anticipated, placing more pressures On tax resources. ”
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Moody’s also indicated that this will aggravate the need for government support for its financing, and there is a possibility that the project is not completed because of the complexity of carrying it out.
“Under this scenario, the government will have an expenditure of less than 8 billion pesos in consultancies, preparation work and other expenses,” he said, and warned that although it will not be so expensive, that result would further weaken the perception of the quality of policies Public administration.
On May 9th, President Andrés Manuel López Obrador declared the tender for the construction of the Dos Bocas refinery in Tabasco Desert, and announced that Pemex and the secretariat of Energy will take charge of the project.
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López Obrador said that the refinery will cost 160 billion pesos, start to be built next June 2 and must be completed in three years, in May 2022.
The last refinery that Pemex built was inaugurated 40 years ago, in 1979, with the then President José López Portillo.
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Original source in Spanish