Pemex imported 52.3% of gasoline demand in Mexico

Pemex imported 419,000 barrels of gasoline per day, which represented 52.3% of total gasoline demand in Mexico during 2022.

For 2023, Pemex’s priority is to continue strengthening the operating performance of the National Refining System rehabilitation program to increase the processing and production levels of high-value products (gasoline, diesel and jet fuel), stabilize the Olmeca refinery in Dos Bocas, Tabasco, and in the second half of 2023, as the refinery’s different processing units come into operation, increase crude oil processing, as well as advance in our Waste Utilization projects.

In addition, the company is exploring alternative financing sources for capital investment projects, such as the reconfiguration of the Antonio Dovalí Jaime refinery in Salina Cruz, including waste conversion.

Pemex expects this project to process 75,000 barrels per day of catalytic and vacuum residues to produce light and heavy naphtha, ultra-low sulfur diesel, and hydrotreated heavy diesel.

On January 31, 2023, the company’s Board of Directors authorized a modification to its original budget for 2023, which considers a total investment budget of $446.8 billion for capital expenditures.

Pemex

Pemex’s modified budget for 2023 includes 161.9 billion pesos for non-capitalizable maintenance and 6.1 billion pesos for financial investment, of which 2.1 billion pesos correspond to capital contributions to its subsidiary company PTI Infraestructura de Desarrollo, for the construction of the Olmeca refinery located in Dos Bocas, Paraíso, Tabasco, and 4 billion pesos correspond to capital contributions to its fertilizer business line.

According to the company’s own information, the net capital investment in the modified budget for 2023 is 278.8 billion pesos.

The Ministry of Energy opened the Olmeca refinery in Dos Bocas, Tabasco, for test work on July 1, 2022, with the site expected to process 340,000 barrels of crude oil per day, producing 170,000 barrels of gasoline per day and 120,000 barrels of low-sulfur diesel per day.

Pemex and the U.S. Environmental Protection Agency (EPA) announced on November 12, 2022 a collaboration to reduce greenhouse gas emissions, specifically methane.

With the EPA’s support, Pemex intends to develop and implement a mitigation plan in 2023 with the goal of reducing methane emissions.