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On Monday, the Mexican Agency for Security, Energy and the Environment (ASEA) , the environmental regulator for Mexico’s oil industry, said it had approved the construction of a refinery for state oil company Pemex , but imposed conditions to mitigate the environmental impact of the USD $8 billion project .
Mexican President Andrés Manuel López Obrador
has said the facility planned for the Gulf Coast port of Dos Bocas, in his home state of Tabasco, would help Mexico wean itself off its growing reliance on fuel imports, one of his signature campaign pledges .
Environmental regulator ASEA approved the project after reviewing a report prepared by Pemex that offered a mostly positive environmental assessment of the refinery’s construction despite predicting a “severe” impact on air quality .
ASEA said that during the construction of the project, Pemex must monitor local water quality , rescue and relocate affected wildlife , and protect a mangrove forest , among other mitigation measures.
Slated for completion by 2022 , the refinery is expected to process up to 340,000 barrels per day of heavy crude oil.
López Obrador tapped the oil company to oversee the project after deeming bids from engineering groups were too expensive , putting more pressure on Pemex, the world’s most indebted oil company that has struggled to reverse declining output.
However, the project has been repeatedly criticized by investors and rating agencies due to concerns it will divert funds away from Pemex’s more profitable exploration and production business.
Rating agency Moody’s has said the new refinery could exceed the budget by USD $2 billion to USD $4 billion due to the government’s “limited know-how” on such projects.
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