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CERAWeek: BP will enter refined products midstream market but has no refining plans in Mexico

 


 

By Jeff Mower / Platts

HOUSTON
Petroleumworld 03 13 2019

BP is planning on entering Mexico's refined products midstream market because of a shortage of pipelines and terminals, but has no refining plans in the country, Tufan Erginbilgic, chief executive of downstream at BP, said Tuesday.

"We would like to grow in Mexico, not only in retail but also in midstream, and invest in midstream as well," he said at the CERAWeek by IHS Markit conference.

However, "at this point, [they] don't have any consideration" in entering the refining sector in Mexico, he said on the sidelines of the conference.

According to a report from the Financial Times Tuesday, Mexico's deputy finance minister said the country's Dos Bocas refinery project was being put on hold, with funding for the plant instead moved to finance Mexico's upstream.

Mexican President Andres Manuel Lopez Obrador later said there was financing for the Dos Bocas project, according to the report.

The "refining project is still a good thing to do for the country," said Erginbilgic at CERAWeek. "Mexico is getting increasingly short" in refined products, he said.

"Mexico is growing and needs midstream investment," Erginbilgic said, adding that BP's midstream plans are "not against Pemex" but complementary.

Mexico is the fifth largest country in fuel volumes for BP, he said, and the second largest fuel retailer in the country, behind state-owned Pemex.

"Pemex will continue to be and always be our major supplier," he said.

Erginbilgic's comments followed news last week that BP plans to develop 10 refined products terminals within five years in Mexico, importing fuel from its refineries in the US Midwest, Texas and Washington state.

 


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