Mexico Marks 87th Anniversary of Oil Expropriation

Mexico commemorated the 87th anniversary of the 1938 oil expropriation, a landmark event led by President Lázaro Cárdenas that asserted the nation's control over its energy resources. During the ceremony, President Claudia Sheinbaum Pardo and Víctor Rodríguez, CEO, PEMEX, emphasized the historical significance of the expropriation, which affirmed Mexico's right to self-determination in energy matters and made oil resources available for the benefit of the Mexican people.

Rodríguez reflected on the challenges faced over the years, as neoliberal policies threatened the principles of the expropriation by promoting the privatization of oil resources. However, since 2018, the administration of President Andrés Manuel López Obrador has worked to restore these principles, with a focus on energy self-sufficiency and strengthening the role of the state in the energy sector.

Key projects, such as the Dos Bocas refinery and the coking plants in Tula and Salina Cruz, are set to enable Mexico to achieve self-sufficiency in refined products like gasoline, diesel, and jet fuel, shared the NOC.

In addition to progress in refining, PEMEX has worked to stabilize oil production, countering the natural decline of oil fields and reducing extraction costs. PEMEX's advances in refining include increased condensate yields, allowing for higher production of gasoline, diesel, and jet fuel, while reducing the production of lower-value fuel oil. The company has also doubled its ammonia production, essential for fertilizer manufacturing, and is reviving petrochemical plants to boost Mexico's industrial and economic development.

In terms of social responsibility, PEMEX has invested in infrastructure and community development in states such as Chiapas, Guanajuato, Hidalgo, Nuevo Leon, Oaxaca, Puebla, Tabasco, Tamaulipas, and Veracruz. Additionally, the company has distributed 10,300t of asphalt and 4.5 million L of fuel in Guerrero, Nayarit, and Oaxaca to support underserved communities.

Rodríguez acknowledged the support of the Ministries of Energy and Finance in improving PEMEX's financial situation and highlighted the close collaboration with CFE to ensure reliable and secure energy supply across Mexico. This coordination between PEMEX and CFE marks a historic first in ensuring energy security for the country.

He also recognized the contributions of the Mexican Union of Oil Workers and the commitment of PEMEX's workforce in strengthening and modernizing the company. Finally, Rodríguez reaffirmed the administration's unwavering commitment to strengthening PEMEX and ensuring its long-term viability as a pillar of national development.