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    Dubai To Reduce Its Carbon Emissions By 6.5mn Tonnes A Year

    Transportation Oil & Gas Congress (TOGC 2024): The roles of pipelines in energy transition

    Transportation Oil & Gas Congress (TOGC 2024): The roles of pipelines in energy transition

    Saipem New Onshore E&C contracts

    Saipem scores $1.9 billion contract wins offshore Guyana and Brazil

    Five EU countries strengthen carbon capture and storage bonds with new declaration, paving the way for Europes CCUS market

    Five EU countries strengthen carbon capture and storage bonds with new declaration, paving the way for Europes CCUS market

    OPEC to participate in upcoming UN Climate Change Conference in Dubai and host a special pavilion

    OPEC to participate in upcoming UN Climate Change Conference in Dubai and host a special pavilion

    AD Ports expands shipping operations in Kazakhstan with tanker pair

    AD Ports expands shipping operations in Kazakhstan with tanker pair

    Arabian Pipes Co wins $42.6m supply contract from Saudi Aramco

    Viking CCS project gets green light for onshore CO2 transportation pipeline

    Saipem New Onshore E&C contracts

    Saipem awarded two offshore contracts worth approximately 1.9 billion USD

    Saudi Aramco recognized as a leader in the Fourth Industrial Revolution

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    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

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    OGA 2017 Post Show Report

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    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    DNV approves F550 TMCP toughcore for LCO2 transport and storage

    DNV approves F550 TMCP toughcore for LCO2 transport and storage

    CNPC puts into operation of its new production lines for surgical masks

    ConocoPhillips puts plans into play to undertake multiple seabed surveys and offshore drilling ops

    bp's Archaea Energy achieves major milestone, brings online first of its kind renewable natural gas plant

    bp’s Archaea Energy achieves major milestone, brings online first of its kind renewable natural gas plant

    Eni and UK outline key terms for CO2 transport and storage at HyNet North West

    Eni and UK outline key terms for CO2 transport and storage at HyNet North West

    Wintershall Dea expands Algerian presence by increasing interest in major natural gas project

    Wintershall Dea expands Algerian presence by increasing interest in major natural gas project

    QatarEnergy signs long-term LNG supply deal with TotalEnergies

    QatarEnergy signs long-term LNG supply deal with TotalEnergies

    Europe's largest green hydrogen plant showcased at Dubai Expo on Spain Day

    Exxon, Amazon awarded slice of $7 billion federal funding for U.S. hydrogen projects

    Angolan exploration and production to drive Africa cumulative capital expenditure

    Kolibri wells in Oklahoma’s Tishomingo field producing over 600 boed

    Ducab Group secured 30 major contracts in oil and gas sector in 2023

    Ducab Group secured 30 major contracts in oil and gas sector in 2023

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    NOG expands Permian presence, enters Ohio Utica shale with $170 million acquisitions

    Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture

    Aramco to enter global LNG business by acquiring stake in MidOcean Energy

    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

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Pemex Refinery Chief Looks to Deal With Mitsui to Spur Recovery

Yuvraj_ong by Yuvraj_ong
February 26, 2018
in America, Exploration Development, Press Releases, Upstream
0

With its money-losing refineries producing the least fuel in 27 years and only a handful of private partnerships announced since Mexico’s energy reforms, sealing a $2.6 billion venture with Mitsui & Co. will come as a relief to Petroleos Mexicanos.

Pemex is a few months away from closing an agreement for the project with a group led by Mitsui that will help Pemex increase the amount of fuels produced at its flagship Tula refinery by about 40 percent, reducing the nation’s reliance on imports from the U.S. and elsewhere.

The Tula project “is what we are focusing our attention on,” said Carlos Murrieta, director of Pemex Industrial Transformation, speaking in a phone interview with Bloomberg. “We need to discuss a lot of things, but we are at the point of closing the deal.”

The consortium, comprised of Japan’s Mitsui and Cosmo Oil Co., Spain’s Cia. Espanola de Petroleos and a joint venture between Mexico’s Empresas ICA SAB and Fluor Corp. in the U.S., will construct and operate a delayed coker at the refinery in Hidalgo state.

The project is one of the biggest investments by a private company in Mexico’s refining sector since the country enacted reforms several years ago that promised to revive Pemex’s ailing plants. So far, the reforms have delivered little else.

Last year, Mexico imported the most fuel since at least 1990, when the Energy Ministry began publishing data. Pemex’s six refineries were hit by earthquakes, flooding and fires. Budget cuts resulted in unit refurbishments being delayed or shelved, with the number of unscheduled stoppages more than tripling since 2013.

If that weren’t enough, fuel theft is a massive hindrance to the refineries’ operations, future investment and the safety of workers. Mexico’s deadly drug cartels have muscled in on the business, costing Pemex about $1 billion a year.

Major maintenance could turn this around, said Murrieta. The company expects to finish work at its Minatitlan and Madero refineries by the end of March and start repairs at the Tula and Salamanca plants this year. Last year, Cadereyta underwent a revamp and the country’s largest refinery, Salina Cruz, was offline for months as Pemex sought to repair damages from natural disasters.

The company could import crude this year to feed its refineries. Pemex is “preparing infrastructure” in order to have the flexibility to bring in crude, most probably by tanker or rail, according to Murrieta. Imports could eventually account for up to five percent of the refineries’ crude slate. Last year, Pemex processed almost 770,000 barrels a day of crude.

Pemex faces stiff competition from international companies such as Exxon Mobil Corp., Royal Dutch Shell Plc, Total SA and Glencore Plc, which are opening retail stations and plan to import fuel as part of Mexico’s fuel liberalization.

“Now that we are returning to do the major maintenance that the refineries’ need, we should see output reach 900,000 to one million barrels a day, depending on whether it is economically profitable” to raise run rates, said Murrieta. “We are trying to maximize the value of refining.”

To contact the reporter on this story: Amy Stillman in Mexico City at astillman7@bloomberg.net. To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Carlos Caminada.

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