Refinery upgrades in Mexico will push utilization rates up to 90pc and reduce the country's gasoline imports from one-half to one-third of total demand by 2040, according to the International Energy Agency (IEA). Mexican refiners will "overcome financing problems" and invest $20 billion in equipment upgrades to push utilisation rates from 60pc today to 90pc, or 1.5mn b/d, by 2040, according to an IEA study released on Friday. Higher domestic production will in turn cut Mexico's gasoline imports to a third of total demand by 2040, and virtually eliminate the need for imported diesel, the IEA said.
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