Mexican state oil monopoly Petroleos Mexicanos said it expected to incur some 100 billion pesos ($7.7 billion) in losses in 2013 in its refining unit alone.
"In refining alone, projected losses for 2013 are nearly 100 billion pesos, almost 1 percent of gross domestic product," CEO Emilio Lozoya said at a business gathering Tuesday in the western city of Guadalajara.
Refining losses totaled 142 billion pesos ($10.9 billion) for all of last year and 79.9 billion pesos ($6.1 billion) in the first half of 2013.
Despite being one of the world's leading oil producers, Mexico must import nearly half of the gasoline it consumes due to lack of domestic refining capacity.
Lozoya said at the gathering that Pemex must invest 60 billion pesos ($4.6 billion) annually to improve crude output, reduce imports of petroleum products and become energy self-sufficient.
In his speech, Lozoya urged lawmakers to approve an energy overhaul plan unveiled in August that would pave the way to increased investment in the state-owned company.
The proposed overhaul also would allow private companies to enter into profit-sharing joint ventures with Pemex, which was created when the country's oil industry was nationalized in 1938. EFE