Mexico City, December 29, : .Mexico’s state-owned petroleum company Petroleos Mexicanos is planning to stop exporting crude oil by 2023 in order to focus all its production on domestic consumption.CEO Octavio Romero stated this.Romero stated that Mexico must reduce its crude oil exports by reducing them to 335, 000 barrels per day in order to attain energy independence during the presentation.
Pemex CEO Andres Manuel Lopez Obrador, Mexico’s President, stated that “practically all” of Pemex’s production will be refined and processed by 2023, and 2024.
Once the Dos Bocas oil refinery is operational, Pemex will have a greater refining capability.
Since December 2018, this refinery was the largest infrastructure project under the Lopez Obrador administration.
Refining could also benefit from the acquisition and rehabilitation of six Mexican refineries as well as the purchase of Deer Park, a refinery located in Houston, Texas.
Romero stated that “practically 100% of Mexican crude will be refined in the country for fuel supply guarantees.”
Lopez Obrador’s government is trying to improve Pemex.Its finances have been depleted by continuous transfers to the state coffers, in spite of a drop in crude oil output.
If the finances of the state are not improving, international credit rating agencies threatened to reduce the country’s investment-grade rating.
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