LATIN AMERICA ADVISOR

Energy ADVISOR

A daily publication Of the dialogue

January 26, 2024

Will Mexico’s New Olmeca Refinery Achieve its Targets?

Mexico’s new Olmeca refinery, in Tabasco state, started producing fuel last September, and state oil company Pemex’s CEO, Octavio Romero, has said the refinery will be at its full production capacity by late March. // File Photo: Mexican Government.

Q

A

Larry B. Pascal and Carlos Alva, partners at Haynes Boone: “Although the commencement of operations of the Olmeca refinery has been postponed on several occasions, and estimated production figures have changed, Pemex issued a statement on Jan. 8 stating that the refinery will start operations in February. Pemex has also announced that the refinery will gradually increase production, producing 65,000 barrels per day (bpd) in February; 128,000 bpd in March and 176,000 bpd in April and thereafter for the year. Due to the upcoming commencement date, one has reason to believe that these production estimates are realistic. The refinery plays an important role in Mexico’s energy security plans because a fundamental purpose is to reduce fuel imports and to strengthen Mexico’s refinery system by adding domestic production capacity. However, the start of operations does not mean that…”

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ABOUT THE Energy ADVISOR

A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.

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Staff

Gene Kuleta
Editor
P. 202.463.2920
E. gkuleta@thedialogue.org

Carl David
Goette-Luciak
Reporter

Nili Blanck
Reporter

board of advisors

Nigel Blackaby
Global Head, International Arbitration Group,
Freshfields Bruckhaus Deringer

Jimena Blanco
Chief Analyst,
Verisk Maplecroft

María José Cortés
Head of ESG,
Atlas Renewable Energy

Jeffrey Davidow
Senior Counselor,
The Cohen Group

Analia Gonzalez
Leader, Arbitration & Litigation,
Laitn America, BakerHostetler

Jonathan C. Hamilton
Partner,
White & Case

Raul Herrera
Partner, Corporate &
Securities Practice,
Arnold & Porter

James R. Jones
Chairman,
Monarch Global Strategies

Jorge Kamine
Partner, Corporate &
Financial Services,
Willkie Farr & Gallagher

Craig A. Kelly
Senior Director,
Int’l Government Relations,
Exxon Mobil

Jeremy Martin
Director,
Energy Program,
Institute of the Americas

Larry Pascal
Chairman, Americas
Practice Group,
Haynes & Boone

R. Kirk Sherr
President,
Clearview Strategy Group

Daniela Stevens
Director,
Energy Transition and Climate Program,
Inter-American Dialogue

Doris Rodríguez
Partner,
Hunton Andrews Kurth

Alexandra Valderrama
Director,
International Government
Affairs, Chevron

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