Mexico's Pemex looks to foreign oil refineries for future supply

By Phaedra Friend Troy

Mexico state-owned petroleum company Pemex may be looking to refineries in Europe and the United States soon enough to supply its population with enough petroleum products to meet its demand.

According to a report from Reuters, Pemex will not be able to build enough oil refineries to meet the growing needs of Mexico and may turn to foreign refineries to supply petroleum products.

While Pemex is currently building a new oil refinery to ease its dependence on foreign supply of gasoline, company head Juan Jose Suarez told Rueters that Pemex is willing to make agreements with foreign suppliers because of the high cost of building new refineries.

“Our mandate is not to be self-sufficient in gasoline,” Suarez said. “Our mandate is to secure supplies.”

Pemex has upgrades slated for existing facilities, and construction will continue on its new oil refinery north of Mexico City. The company also has a joint venture with Shell that pulls gasoline from a refinery in Deer Park, Texas.

Nonetheless, Suarez said that Pemex will look to sources in the United States and Europe to help supply more gasoline to Mexican markets.

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