At first, on December 7, 2018, the Pemex Board of Directors, through resolution CA-161/2018, authorized the construction of a new refinery in Dos Bocas, in Paraíso, Tabasco, as part of its institutional strategic plan.
Later, on July 2, 2020, the Pemex Board of Directors, through resolution CA-053/2020, authorized the review of the commercial strategy, including phase FEL II (Front-End Loading II) of this project.
The FEL methodology is applied to the management of investment projects using the following three stages: FEL I (visualization), FEL II (conceptualization) and FEL III (definition), each of which must be approved.
As of July 2, 2020, the estimated Class IV cost (+30% to -25%) for the project is $8,918.5 million.
Class IV estimates correspond to the FEL method and include all projected costs excluding external works, cost escalation, contingency costs and administrative expenses.
Pemex Industrial Transformation is developing the deliverables for the project definition phase (FEL III), in order to obtain the necessary corporate approvals from the Pemex Board of Directors and other relevant bodies.
The project shows considerable progress. As of December 31, 2021, the site preparation, soil improvement and detailed engineering (Phase I) were completed.
In addition, long-term procurement of modular units continues, with a significant number already on site.
The manufacture of vertical and spherical tanks that constitute the storage area of the refinery also continues.
Pemex’s budget for 2021 included 45.1 billion pesos related to capital contributions for its subsidiary company PTI Infraestructura de Desarrollo, which is developing the construction of the Dos Bocas Refinery.
For budget purposes, these capital contributions were classified as a financial investment and not as a capital expense.
During 2021, the works in progress for the construction of the Dos Bocas Refinery, including advance payments to contractors, have increased by 30.7 billion pesos from 5.2 billion pesos as of December 31, 2020 and 35.9 billion pesos as of December 31, 2021.