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Mexico President States that New Pemex Refinery Will Hit Full Capacity in 2023

6/15/2022

Mexican President Andres Manuel Lopez Obrador recently stated that a new refinery owned by Pemex will indeed be operating at full capacity by 2023, though many in the downstream industry see 2024 as a more likely scenario.

Mr. Obrador also said in a recent conference that the 340,000 barrel per day Dos Bocas (also known as Olmeca) refinery would see a trial period begin in early July before actual production commences in early 2023. He said of Dos Bocas that "It will already be producing at full capacity by next year," and that “The construction part, without a doubt, will end this year ... but it will not take two years (to be operational)."

Critics have been dubious of this timetable since the project has already gone over its initial budget of $8 billion USD and could reach $14 billion by its completion. This overrun, plus the relative inexperience that Pemex has in building refineries, is likely to push the project past this 2023 target.