Mexico is now seeking to import more motor fuel for 2025 than previously anticipated, a shift prompted by delays in the startup of its new Olmeca refinery, according to several traders. This change indicates that the state energy company Pemex does not expect the refinery to be operational in the near future, which poses a challenge for outgoing President Andres Manuel Lopez Obrador, who initiated the project to reduce reliance on costly imports.
Despite being a major crude producer, Pemex has struggled with its aging refineries, which are unable to process heavy Maya crude effectively, leading to increased imports of gasoline and diesel. Earlier in the year, Pemex had signaled intentions to significantly reduce fuel imports, anticipating that the 340,000-barrel-per-day refinery would soon operate at full capacity. However, recent reports suggest that the refinery will not produce commercially viable fuels until late this year at the earliest, with the International Energy Agency indicating it may not be operational until the fourth quarter of 2025.
In light of these developments, Mexico is actively seeking fuel supply deals for the remainder of this year and next, reaching out to suppliers in the U.S. and Asia. Pemex traders are looking to secure volumes similar to previous imports, despite earlier statements from Pemex CEO Octavio Romero suggesting a dramatic reduction in fuel imports was imminent.
In the first five months of this year, Pemex produced approximately 306,547 barrels per day (bpd) of gasoline and 181,565 bpd of diesel, while importing 358,545 bpd of gasoline and 128,215 bpd of diesel.