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Lopez Obrador refining plan overlooks Pemex's main challenges
The National Refining Strategy released Sunday by the administration of Mexican President Andres Manuel Lopez Obrador overlooks the structural challenges that Pemex's refineries face....Raising crude processing levels with a major restructuring of Mexico's domestic refining sector could lead to multi-billion dollar Pemex losses....

The government set a crude processing target of 1.5 million b/d by mid-2020, a utilization rate of over 90%. To make this happen, Pemex would have to carry out a major round of maintenance across its six refineries. Such a target must be taken in context, Pemex's highest crude processing level on record is 1.3 million b/d in 2013....

It is unacceptable Mexico imports currently 75% of the 1.17 million b/d of gasoline and diesel it consumes, he [Obrador] added....The previous administration of former President Enrique Pena Nieto decreased refining levels while favoring imports with the goal of cutting Pemex's losses.

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