Mexico’s newest oil refinery project is set to exceed the planned budget—and in a big way—according to Moody’s cited by Reuters. The massive undertaking—by Mexico itself, no less—will most likely cost as much as between $2 billion and $4 billion more than it had originally planned, Moody’s said, citing its “limited know-how,” ironically exactly the situation Mexico sought to avoid when Mexico’s President, Andres Manuel Lopez Obrador, shunned Big Oil last week, cutting them out of the project all together for submitting bids that were over on time and over on budget. Mexico had originally sought out international help for the massive refinery that would bring Mexico closer to energy efficiency, garnering bids from Bechtel/Techint, Worley Parsons, and KBR. All three bids submitted pegged the costs somewhere between $10 billion and $12 billion, and the time to complete between four and six years. Obrador thought the project should cost […]