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Mexico puts cost of new refinery at $9.65 billion

Fri Nov 6, 2009 1:59pm EST

MEXICO CITY, Nov 6 (Reuters) - Mexico's planned new oil refinery at Tula will cost 129 billion pesos ($9.65 billion) state oil company Pemex [PEMX.UL] said on Friday.

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The new cost estimate represents a increase over Pemex's previous forecast made in April that the new refinery would cost $8.95 billion. Pemex did not provide an explanation for the increase.

The company also said it would invest 5.752 billion pesos in 2010 as it begins detailed engineering on the project. ($1 = 13.37 pesos) (Reporting by Robert Campbell; Editing by David Gregorio)

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