BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Pemex Dos Bocas Refinery Signals Further Delays

REFINING
Energy BulletsHomepagemarkets-real-timeBulletCommodities

Pemex’s flagship Olmeca (Dos Bocas) refinery in Mexico signals further delays according to Reuters reports.

  • The refiner started sending 16,300 bpd of crude to the new refinery last week, less than 5% of total capacity at a point it is meant to be producing gasoline and diesel.
  • Previously unreported data showed that in August, the refinery is scheduled to receive 170,000 bpd, still half of the feedstock needed for the 340,000-bpd plant according to Reuters.
  • Pemex backtracked again this month saying the refinery would only process 177,000 bpd this year before ramping up to full capacity in 2025.
  • The lack of progress pushes further reliance on imports, something Pemex had been aiming to decrease as part of Mexican President Amlo’s ambitions.
  • A Reuters source said the Mexican government has exaggerated progress at the refinery ahead of the June 2 election.
  • The impacts are supporting higher availability of Mexican crude which was expected to be refined domestically and cut export supply significantly.
156 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Pemex’s flagship Olmeca (Dos Bocas) refinery in Mexico signals further delays according to Reuters reports.

  • The refiner started sending 16,300 bpd of crude to the new refinery last week, less than 5% of total capacity at a point it is meant to be producing gasoline and diesel.
  • Previously unreported data showed that in August, the refinery is scheduled to receive 170,000 bpd, still half of the feedstock needed for the 340,000-bpd plant according to Reuters.
  • Pemex backtracked again this month saying the refinery would only process 177,000 bpd this year before ramping up to full capacity in 2025.
  • The lack of progress pushes further reliance on imports, something Pemex had been aiming to decrease as part of Mexican President Amlo’s ambitions.
  • A Reuters source said the Mexican government has exaggerated progress at the refinery ahead of the June 2 election.
  • The impacts are supporting higher availability of Mexican crude which was expected to be refined domestically and cut export supply significantly.