Pemex Olmeca Oil Refinery to Reach 50% Capacity by Mid-2023

SEATTLE (Oil Monster): The Mexican state-owned oil company, Pemex announced that its newest refinery located adjacent to the Dos Bocas port, Tabasco, is scheduled to reach 50% crude processing capacity by July next year.

The Olmeca oil refinery would be Pemex’s eighth oil refinery. It will provide big boost to the country’s plans to become self-sufficient in gasoline and diesel, thus ending the dependence on imports, especially from the U.S. refiners.

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According to Mexican President Andres Manuel Lopez Obrador, the construction of the refinery has been happening in a world record time. By 1st July, 2023, it will begin to process 170,000 barrels per day (bpd) of crude oil. The refinery is expected to reach its full processing capacity of 340,000 bpd before 15th September, this resulting in a yield of 280,000 bpd of gasoline and diesel.

The cost of the flagship oil refinery project was initially budgeted at around $8 billion, but has already exceeded to over $15.4 billion. Earlier in July, the country’s Energy Minister Rocio Nahle had announced that Olmeca refinery would be able to produce its first barrel of fuel in December this year, which has now been delayed by almost six months to mid-next year.