Mexican state-owned oil monopoly Petroleos Mexicanos did not include plans to build a $10 billion refinery in the central town of Tula in its 2014-2018 business plan, Mexico City daily El Universal reported Saturday.

The company announced plans for the project in March 2008 but removed it from its latest five-year plan due to insufficient funds, the paper said, noting that Pemex's board of directors has already approved the decision.

El Universal said the project had been beset by delays and would not be carried out whether or not a proposed energy overhaul is approved.

The paper added that Pemex had invested 4.5 billion pesos ($370 million) to date in the project, whose eventual price tag was expected to be some $10 billion.

The company had said the refinery, once completed and up and running, would be able to process 250,000 barrels of crude per day.

Pemex personnel could not be reached for comment on El Universal's story. EFE