MEXICO CITY (AP) — Mexican President Andrés Manuel López Obrador’s office says the new Gulf coast refinery is “a dream come true” for the country. On Friday, López Obrador “inaugurated” the partially finished Olmeca refinery in Dos Bocas, which is a city in his home state of Tabasco. The project, when finished, is expected to cost as much as $12 billion, well above original estimates of $9 billion. In 2021, Mexico agreed to buy Shell’s 50% share in the jointly owned Deer Park refinery near Houston, Texas for about $600 million. The two refineries would have similar capacities, leading to questions about the much larger investment in building a new refinery. López Obrador says he wants to make Mexico self-sufficient in gasoline, which it has long imported.
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