Construction on Mexico’s first-ever privately owned oil refinery is expected to begin by the summer of 2020.

The facility will be built and financed by the companies Refmex and Caxxor Group with an estimated investment of US $800 million to $1 billion.

To be located in Soto la Marina, Tamaulipas, the refinery is part of a plan announced by Refmex in 2016 that included the construction of modular refineries, but to date has not materialized.

Caxxor Group, the operative arm of British investment fund National Standard Finance, will finance the project through Mexican investors, while Refmex will be in charge of the project’s development and the refining plan.

Refmex CEO Marco Jorge Espinosa said the company is in the final process of completing the requirements necessary to begin construction.

“We have 17 of the 19 requirements demanded by the law, so as long as there are no changes from the government at this time with regards to refining, we are going to be able to execute this project relatively quickly . . . We could begin construction by the middle of next year,” he said.

The refinery will have the immediate capacity to process 60,000 barrels a day and up to 110,000 barrels in the future.

The fuel produced will cover the demand in Tamaulipas and northern Veracruz.

Source: El Financiero (sp)