President Claudia Sheinbaum assured that Mexico will no longer export oil when the Dos Bocas refinery operates at its maximum capacity in the near future. During the 'morning' conference on Wednesday, February 5, from Querétaro, Sheinbaum acknowledged that the refinery has a problem that hinders its operation. According to the president, the refinery faces complications due to the salinization of crude oil and the lack of a key gas pipeline to accelerate the refining process.
Sheinbaum announced that once these issues are resolved, production will be allocated for domestic consumption. The Dos Bocas refinery processed fuels at 17.5% of its capacity at the end of December 2024, according to Bloomberg data.
The Dos Bocas refinery was one of the main projects of former president Andrés Manuel López Obrador. However, according to Sheinbaum, the project was inherited with problems. With a cost exceeding $20 billion, Dos Bocas becomes one of the most expensive projects of AMLO's administration.
One of the main problems is related to the construction of the refinery in an unsuitable area, as the plans were taken from a refinery planned for a mountainous region. The lack of equipment to work at a lower altitude, combined with the humid climate, complicates the refining process.
Furthermore, the construction of the refinery over a mangrove, despite warnings about flooding and weakened foundations, has been another controversial factor. The Olmeca refinery, as Dos Bocas is also known, has outdated technology, which has limited its production to ultra-low sulfur diesel, despite having the capacity to process up to 340,000 barrels of crude oil daily.
Analysts and investors doubt that the Dos Bocas refinery will ever reach its maximum production level due to the various technical and construction issues it faces.
