Pemex, Mexico’s state-owned oil company, wants to refine up to 90% of the fuel the country uses by 2030, its director general Juan Carlos Carpio Fragoso said on Thursday 12 November 2026. Today Mexico still buys about 30% of its petrol and diesel abroad.
—Who. Pemex (Petróleos Mexicanos), Mexico’s state oil company, led by Carpio Fragoso.
—Target. Refine 85% to 90% of national fuel demand by 2030, up from about 70%.
—Debt. Financial debt fell from US$98 billion in 2025 to US$77 billion now.
—Why it matters. Fewer fuel imports mean less pressure on Mexico’s trade balance and Pemex’s cash.
—Next. Output must reach the 1.8 million barrels a day federal target.
—Power Index. Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 70.8 points (November 2026 edition).
A cheaper debt bill is giving Pemex room to try to make at home the fuel it now buys abroad.
What Happened
Carpio Fragoso set out the goal in a radio interview, saying Pemex wants to be refining “between 85% and 90%” of what Mexico needs by 2030. That figure leaves out the Deer Park refinery in Texas, which Pemex owns.
Pemex now refines about 70% of the fuel Mexico consumes and imports the other 30%. He said the company’s priority is to “refine internally everything we can”, using the Olmeca refinery (formerly called Dos Bocas) in Tabasco state and upgraded older plants such as the Tula refinery in Hidalgo state.
The Pointe-à-Pierre oil refinery in Trinidad. File photo. photo. Refinery towers at Pointe-à-Pierre, Trinidad. Photo: Christianwelsh, public domain, via Wikimedia Commons.Debt and Credit Ratings
Carpio Fragoso said Pemex’s financial debt has fallen from US$98 billion in 2025 to US$77 billion. He said lower interest payments free money for projects and ease the risk of refinancing, and he described the better credit rating as something that “gives us breathing room”.
Fitch Ratings and Moody’s Ratings, two credit rating agencies, raised Pemex to BB+ in October 2025 and to B1 in September 2025. Both ratings are still below investment grade, the level that large pension funds and many US bond funds prefer.
He said Pemex has paid its contractors 952 billion pesos (about US$51 billion) over the past 21 months. Labour liabilities stand at about 200 billion pesos (about US$11 billion), at 18.59 pesos per US dollar on 12 November.
Why It Matters
Every barrel of fuel Pemex refines itself is one Mexico does not have to buy. A higher refined share would cut the import bill and make pump prices less exposed to swings in world oil markets.
For holders of Pemex’s US dollar bonds, lower debt and a better rating mean a lower chance of a missed payment. Our earlier report on Pemex’s plan to invest US$97 billion to 2030 covers how the company says it will fund the work.
What It Means for You
A US investor in Pemex bonds or Mexican assets gets a clearer test to follow: the refined share, the debt level and the output figure. A driver or business in Mexico will feel the benefit only if new refining capacity actually runs at full rate.
Pemex says it produces 1.65 million barrels a day, or 1.77 million including private operators, close to the 1.8 million target. Our reports on Pemex’s fuel-theft losses and the wider Mexico news page show the pressures on the same accounts.
What Is Not Known
The company has not said how much new refining capacity it needs or what it will cost, and the interview gave no year-by-year path to 90%. An earlier report quoted a higher share of fuel sold that comes from Pemex’s own refineries, so the two measures may count different things.
Carpio Fragoso’s comments came in an interview, and we have not seen a full Pemex filing with these numbers. We will update this report if the company publishes one.
Frequently Asked Questions
How much fuel does Mexico import?
Pemex’s director general said on 12 November 2026 that Mexico imports about 30% of its fuel and refines about 70% at home. The target is to refine 85% to 90% by 2030.
How much debt has Pemex cut?
Carpio Fragoso said financial debt fell from US$98 billion in 2025 to US$77 billion. He said lower interest costs free money for productive projects.
What is Pemex’s credit rating?
Fitch Ratings rated Pemex BB+ and Moody’s Ratings rated it B1 after upgrades in late 2025, both below investment grade.
Sources: statements by Pemex director general Juan Carlos Carpio Fragoso, 12 November 2026; rating actions by Fitch Ratings and Moody’s Ratings (2025); Pemex. US$ conversions at 18.59 pesos per US dollar (market-data provider, 12 November 2026).