Pemex considering crude swaps

MEXICO CITY, May 4, 2018 – Mexican NOC Pemex is considering swapping its heavy crude for light oil imports to enhance fuel production, general manager Carlos Treviño Medina told international media on Thursday.

The state-run company is trying to bring its refineries back on track. The six facilities together have a 1.54 million-bpd capacity, but are currently operating at 48% of that total.

“[The swap] continues on the table; we probably will be doing tests in the short term,” Treviño told Reuters. “We will bring crude from where it is convenient. […] Our expectation is to be over 1.971 million bpd at the end of the year.”

The exchanges, which could include crude from the US, Colombian and West African markets, could start in the second half of this year, Reuters reported.

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