Mexico’s state oil company Petróleos Mexicanos (Pemex) plans to substantially increase downstream production of refined products and fertilizer this year, according to CEO Octavio Romero Oropeza. 

Romero did not offer projections for upstream oil and natural gas production during a presentation on Thursday (Jan. 4) at President Andrés Manuel López Obrador’s morning press conference. This year will mark the end of López Obrador’s six-year term. 

Romero highlighted the administration’s efforts to “rescue” Pemex from the policies of previous governments. He noted the stabilization of declining oil and gas production, and a ramp-up of crude oil processing at Pemex refineries under the current regime. 

Pemex expects to increase the amount of crude oil processed at...