Mexican President says that new Pemex refinery is running at about 80% capacity

The new refinery of Mexico's state-owned Pemex is currently processing crude oil at 80% capacity, according to the president. This represents a significant increase from the latest data released by the company.

The Olmeca refinery, located near the port of Dos Bocas on Mexico's Gulf Coast, has a daily capacity of 340,000 barrels. It is the largest of Pemex’s seven domestic facilities.

When asked at her morning press briefing about the refinery’s current operation, Mexican President Claudia Sheinbaum said: "The last report I have indicates that it is more or less around 80%."

Pemex’s latest data, from the end August, showed that the refinery was running at about one-quarter of its capacity or about 84.100 barrels per daily (bpd).

Sheinbaum’s predecessor was keen to increase domestic refining and the Olmeca refinery had been a priority.

The cost of the facility, which was originally estimated at $16.4 billion, has more than doubled. Pemex’s former chief executive stated that the facility would be operating at full capacity by August.

Luz Elena González, Sheinbaum’s new energy minister, said earlier this week that Mexico now produces 90% of the gasoline consumed by the country’s motorists.

Pemex data from August showed that Pemex imported nearly 417, 000 bpd while producing around 290,000. (Reporting and editing by Deepa Babyington, Ana Isabel Martinez)

(source: Reuters)