CITY OF MEXICO:  Mexico's state-owned oil corporation Petroleos Mexicanos (Pemex) plans to stop exporting petroleum by 2023 and devote all of its output to local consumption, Octavio Romero, the  CEO,  has said.

According to Romero, during the presentation of a programme to achieve energy self-sufficiency, the strategy aims for first cutting Mexico's oil exports to 435,000 barrels per day in 2022.  "By 2023 and 2024, nearly all of Pemex's production will be processed and refined" for the local market, said Pemex CEO Andres Manuel Lopez Obrador, who was joined by Mexico's President. Once the Dos Bocas refinery is operational, Pemex's refining capacity will be increased. The refinery has been the most major infrastructure project of the Lopez Obrador administration since December 2018.

The renovation of Mexico's six existing refineries, as well as the acquisition of the Deer Park refinery near Houston, Texas, will improve refining.  "Practically all of Mexico's crude will be refined in our nation in order to ensure fuel supplies," Romero added. Pemex's finances have been depleted in recent years as a result of regular transfers of monies to government coffers, despite a drop in petroleum output. Lopez Obrador's administration is striving to strengthen Pemex.

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