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EXCLUSIVE: MEXICO'S PEMEX SHIPS FIRST FUEL EXPORT FROM NEW OLMECA REFINERY TO
INDIA

By Stefanie Eschenbacher and Shariq Khan
September 27, 20248:05 PM GMT+2Updated 4 days ago
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A view of the state oil company Pemex's Olmeca refinery in Dos Bocas, Paraiso,
Mexico June 21, 2024. REUTERS/Luis Manuel Lopez/File Photo Purchase Licensing
Rights, opens new tab
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 * Petroleos Mexicanos
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Sept 27 (Reuters) - Mexico's Pemex this month shipped its first fuel export
cargo from its new Olmeca refinery to India, a sign of progress after multiple
delays and spiraling costs, according to shipping data and industry sources.
Mexican President Andres Manuel Lopez Obrador, whose term ends on Sept. 30,
staked part of his legacy on the 340,000 barrel-per-day refinery in Dos Bocas by
promising that it would wean Mexico off costly motor fuel imports.
Advertisement · Scroll to continue

Pemex loaded around 112,000 barrels of petroleum coke from Olmeca on the vessel
Ocean Royal at the port of Dos Bocas on Sept. 11, according to data from
ship-tracking service Kpler.
It then picked up a larger cargo of the same industrial fuel from Corpus Christi
in Texas on Sept. 15, the data showed.
Petroleum coke is used in power plants or in the manufacturing of various items
such as glass or steel.
Advertisement · Scroll to continue

Olmeca's cargo is heading for the port of Dahej, an industrial hub in India's
west-coast state of Gujarat, home to chemical and petrochemical companies. The
cargo should reach its destination by the end of October, according to Kpler.
Neither the first exports from the new refinery nor the destination and volume
of the deal have previously been reported.
Pemex has done another deal to sell petroleum coke from Olmeca, one of the
sources said, and is also producing fuel oil and asphalt there but no gasoline.

Pemex did not respond to a request for comment.
The exports offer an important milestone in efforts to start-up Olmeca, but fall
short of government promises that the refinery would be working at full capacity
by now.
A photograph of the refinery control unit, shared with Reuters in late August,
showed some plants at the refinery were working individually but facing issues
with their interconnection.

As of late September, the refinery is still trialing individual units and is in
the process of ramping up its coker, a unit that processes residual oil into
petroleum coke or feedstocks for motor fuels, two of the sources said.
Some of the units have not reached optimal configuration and some are not yet
working in sync with each other, they said.
The outgoing president inaugurated Olmeca in July 2022 in his home state
Tabasco, billing it as crucial to energy self-sufficiency for Mexico.

Delays to the venture, whose costs have more than doubled to $16.8 billion,
leave it to his successor Claudia Sheinbaum to turn that dream into reality.
Olmeca began diesel production from crude oil in July, according to Pemex. But
the output is yet to meet specifications for domestic or international sales,
two sources close to the refinery said.
Previously, Pemex had further processed ultra-low sulfur diesel from diesel that
was already produced at another refinery.
Pemex said in late August that the refinery had further processed 65,046 bpd of
crude oil in July, producing 21,511 bpd of diesel and 8,775 bpd of petroleum
coke.

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global energy industry. Sign up here.

Reporting by Stefanie Eschenbacher in Sao Paulo and Shariq Khan in New York
Additional reporting by Nicole Jao in New York Editing by Simon Webb and Nick
Zieminski

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Purchase Licensing Rights
Stefanie Eschenbacher

Thomson Reuters

Stefanie covers energy, the environment and climate change across Mexico and
Central America - with a particular focus on the troubled Mexican state oil
company Pemex and its emissions. A German native, she also spent more than a
decade writing about all things finance while based in the United Kingdom and
Hong Kong. Before that, she worked in microfinance in Ghana. She holds a
Master's degree in economics and finance.

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Shariq Khan

Thomson Reuters

Shariq is an Energy reporter focused on U.S. fuel markets. He previously covered
corporate oil and gas news with a focus on breaking M&A news.

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