New oil refinery in Mexico to cost $11-12 bln: president

A major new oil refinery under construction on Mexico's Gulf coast will ultimately cost between $11-$12 billion, up from the $8 billion originally estimated by the government, President Andres Manuel Lopez Obrador told reporters on Friday.

Lopez Obrador added that the flagship project owned and operated by state-run oil company Pemex will be ready to start producing gasoline in 2023.