Mexico’s Fuel Imports Rise, Impeding AMLO’s Energy Independence Goal

(Bloomberg) -- Mexico’s state oil company imported 11% more gasoline in May than the previous month, a sign it’s struggling to live up to President Andres Manuel Lopez Obrador’s goal of making the nation self-sufficient when it comes refining.

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Petroleos Mexicanos’ gasoline imports grew to 358,500 barrels per day in May, according to data released Monday. It comes after company managed to cut its fuel imports in March and April and as importers wait for Pemex’s flagship refinery in Dos Bocas, Tabasco, to come online.

Pemex, the world’s most indebted major oil company, has repeatedly pushed back the start date of Dos Bocas and spent billions on the project to help meet the president’s goal of making Mexico’s fuel production self sufficient. It’s part of his broader quest for Mexico to become energy independent.

Meanwhile, Mexico refined 267,000 barrels per day of gasoline in May, a 10% decrease from the previous month and a five-month low as the company continues to reel from the impact of a fire at another refinery in April. A seperate Pemex refinery was ordered to curtail runs for much of May after air quality in the area deteriorated.

The company’s crude production has slumped to half of its peak 20 years ago as the company struggles to reduce its roughly $100 billion debt burden. A Pemex spokesperson didn’t respond to a request for comment.

--With assistance from Lucia Kassai.

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