According to Energy Minister Rocio Nahle, the new Dos Bocas refinery that Mexico’s government is building to reduce the country’s dependence on fuel imports is “being built in record time. Opinions around the world are very positive.”

The energy minister was responding to media claims that the Dos Bocas project was experiencing cost overruns and delays, according to Bloomberg. According to reports, the refinery is $3.6 billion over budget, and delays could mean that President Andrés Manuel López Obrador’s flagship project will not begin operations this year, or even in time for the state oil company’s plan to stop exporting oil in 2023 and focus on refining fuel domestically.

Mexico intends to halt all crude oil exports next year as part of President Enrique Pena Nieto’s goal to boost domestic fuel production and reduce imports. Octavio Romero, the chief executive of Pemex, announced the export phase-out in December. He also stated that Mexico would cut oil exports by more than half, to 435,000 barrels per day, beginning next year.

After the United States and Canada, Mexico is the third-largest oil exporter in the Americas. According to estimations from last year, the Dos Bocas refinery will have a capacity of 340,000 bpd and will cost $12.4 billion. Pemex said the refinery could end up costing 40% more than projected. That was a reduction from Pemex’s initial estimate of an $8 billion cost for the project in 2020. After that, the original figure was amended to $8.9 billion, then to $12.4 billion.