Pemex is the state oil company of Mexico, and there's some latest news about their newest refinery. According to the news, the said refinery's capacity will reach 50% capacity somewhere in July 2023.
However, Pemex is also building another oil refinery called Olmeca. This will be the 8th refinery by the company, and there are a lot of hopes for this one. According to the country's president, Olmeca is a key piece in his vision to make Mexico self-sufficient in diesel and gasoline.
For now, Mexico is heavily dependent on importing energy products, especially from the refiners in the USA. But as the number of refineries increases, the country will become more self-sufficient.
Tabasco is yet another refinery that was constructed in the president's home state. From the 1st of July, this refinery will start processing around 170000 barrels of oil per day.
By the 15th of September 2023, the refinery will reach its full capacity which is stated to be around 340000 barrels per day. This will help the country get up to 28000 barrels of diesel and gasoline per day. In July 2022, the country's energy minister announced that Olmeca would start production in December.
Despite the government's efforts surrounding the energy, the critics fail to see the logic behind these new facilities. For starters, the initial budget was around $8 billion, which is now close to $15.4 billion.
But we can't ignore the fact that energy independence is very important for a country like Mexico. With the rise in energy prices, the budgets of countries such as Mexico have been seriously impacted. And when we combine that with high global inflation, it means serious trouble for any country's finances!
As for how that new oil refinery will change the energy landscape in Mexico, we still have around 6 or more months to find out. If everything goes as planned, the oil refinery will continue to increase its production month after month.