Olmeca Refinery to Process 220Mb/d by End of March

PEMEX’s Olmeca refinery is set to close in March with a crude processing volume of 220Mb/d, according to Víctor Rodríguez, CEO, PEMEX. The refinery is expected to reach full capacity by 2025.

Rodríguez Padilla stated that Dos Bocas will achieve maximum production this year. The facility has two distillation trains, with only one operating at 100Mb/d last week.

The refinery, which cost over US$18 billion, more than twice its initial budget, underwent corrective design adjustments before ramping up operations. Rodríguez explained that several plants needed to function properly to ensure crude oil could reach the refinery, which required modifications in the early operational phase.

The site’s two distillation trains are designed to support an optimal refining capacity of 340Mb/d. Initially, PEMEX started operations with one train, then halted it to activate the second, gradually increasing output.

Rodríguez stated that PEMEX continues increasing light fuel production at its refineries. While this results in higher fuel oil output, he dismissed concerns about its market viability.

"There is a myth that there is no market for fuel oil, and that is not true. We are exporting fuel oil, and it is quite profitable," he said, citing China as one of the destinations. He added that global refiners blend fuel oil to produce gasoline, and demand for the product remains strong, including in the shipping industry. He also addressed concerns about the usability of residual fuels, stating that large refineries worldwide have the necessary infrastructure to process heavy hydrocarbons.