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Mexico’s Olmeca to Start Crude Processing in H2: Pemex

OIL PRODUCTS

Mexico’s state energy company Pemex said that it will begin crude processing at its new 340k b/d Olmeca (Dos Bocas) refinery in H2 2024, its CEO Octavio Romero said June 20, cited by Reuters.

  • By 2024 year-end, Pemex would process 1.44m b/d at its domestic refineries, including 163k b/d at Olmeca, Romero added.
  • The refinery has been hit by several delays. Pemex started sending 16.3k b/d of crude to Olmeca in May, less than 5% of total capacity at a point when it was already meant to be producing gasoline and diesel.
  • When fully operational, Olmeca will help cut Mexico’s dependency on the USGC for gasoline, although that is not likely to change in the near term given the ongoing delays.
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