Pemex’s Olmeca Refinery Gears Up to Meet Mexico’s Fuel Demand

Mexico's President Andres Manuel Lopez Obrador announced that the Olmeca refinery, a project by state-run oil company Pemex, will meet 20% of the country's motor fuel needs within two weeks. The refinery, which faced delays, aims to enhance Mexico's self-sufficiency in gasoline and diesel.

In a recent announcement, Mexico's President Andres Manuel Lopez Obrador stated that the Olmeca refinery will meet 20% of the nation's motor fuel needs within the next two weeks.

Located at the Gulf Coast port of Dos Bocas, the refinery, operated by state-run Pemex, has faced multiple delays since its inauguration in 2022. Despite these setbacks, the refinery is integral to Lopez Obrador's plan to make Mexico self-sufficient in gasoline and diesel production. The project, initially budgeted lower, has now exceeded $17 billion.

By late August, the Olmeca refinery is expected to process up to 340,000 barrels per day, producing 175,000 barrels of gasoline and 130,000 barrels of diesel. Mexico, traditionally a crude oil producer, imports most of its motor fuels due to domestic refinery inefficiencies. This project is seen as a strategic move to bolster Pemex's financial status and reduce dependency on fuel imports.

(With inputs from agencies.)