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Mexico's Pemex expects to boost refining to 1.16 M bpd this year

(Reuters) - Mexican state-owned oil company Pemex expects to process 1.16 million barrels of crude oil per day by the end of 2023, CEO Octavio Romero said on Monday, a goal which would represent significant growth from current refining levels.

Romero said in congressional testimony that the upbeat forecast includes expected processing from the firm's six domestic refineries, its new Olmeca refinery once it comes online, plus the Houston-based Deer Park facility.

He said that Pemex's crude processing would grow to 1.61 million barrels per day in 2024.

Refining more motor fuels at home has been a major policy goal of Mexican President Andres Manuel Lopez Obrador, who has dedicated large streams of public spending into Pemex's refining operations, which have historically been the company's biggest source of losses.

Lopez Obrador has argued that oil-producing Mexico should not depend on foreign suppliers for its gasoline and diesel needs.

In August, crude oil processing at Pemex's domestic refineries stood at about 797,000 barrels per day, down from last year's 816,000 bpd average.

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