Mexico's Pemex Plans to Stop Exporting Crude Oil in 2023
28 Dicembre 2021 - 6:19PM
Dow Jones News
By Anthony Harrup
MEXICO CITY--Mexican state oil company Petroleos Mexicanos will
stop exporting crude oil in 2023 due to the expansion of its
refinery system, including the acquisition of the Deer Park
refinery in Texas, Chief Executive Octavio Romero said Tuesday.
Mr. Romero said that with the incorporation of Deer Park, the
expected completion in 2023 of a new refinery in southern Mexico,
and the upgrading of other existing refineries, Pemex will be able
to process nearly all of its crude oil production by 2023.
Pemex agreed in 2021 to acquire Shell Oil Company's 50% stake in
the Deer Park refinery joint venture, and the Mexican government
expects the transaction to close in January.
Excluding crude sent to Deer Park, Pemex's exports will fall to
435,000 barrels a day next year from around 1 million barrels a
day, and then to near zero the following two years, Mr. Romero
said. Pemex currently produces around 1.7 million barrels a day of
crude oil.
Mexico is an exporter of crude oil, but imports most of the
gasoline and natural gas that it consumes. In the first 11 months
of this year, the country had a deficit in petroleum trade of $22.4
billion.
President Andres Manuel Lopez Obrador, a nationalist who wants
to eliminate Mexico's reliance on fuel imports, has likened selling
crude oil and buying gasoline to selling oranges and buying orange
juice.
He opposed the changes made under his predecessor that opened
the state-run oil and electricity industries to greater private
investment, including the first private oil exploration and
production contracts in almost eight decades.
Mr. Lopez Obrador halted all new oil-block auctions when he took
office in December 2018, and aims to recover state control of the
electricity market with a controversial proposal to change the
constitution. His administration also seeks to recover share of the
domestic fuels market that Pemex has lost to private companies.
A number of legal and regulatory changes made to favor state
energy companies have been blocked in Mexican courts.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
December 28, 2021 12:04 ET (17:04 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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