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This article is part of the World Refining Association Forecast Report 2026: Latin America Series, highlighting key insights from a closed-door Advisory Board discussion held ahead of LARTC 2026.

The discussion brought together senior leaders from organizations including YPF, Ecopetrol, Petrobras, Pemex, ANCAP, ENAP, Pan-American Energy, Raizen, Airbus, Axens, Topsoe, McKinsey, Boston Consulting Group, Arthur D. Little, and Becht, who shared perspectives on the strategic priorities shaping the region’s refining industry.

Each article in this series explores one of the themes that emerged from that conversation.

Capital limitations define refining in Latin America. Large, mutually exclusive investments require prioritizing efficiency, feasibility, and operational reliability while balancing short-term pressures with long-term goals, including energy security and supply chain resilience.

Thoughtful investment decisions and operational adaptability are essential to navigate regional uncertainty.

Energy efficiency remains the cornerstone of modernization. Refiners are increasingly highlighting the importance of returning to a “back to basics” mindset — emphasizing the importance of doing the fundamentals exceptionally well.

This means optimizing energy use, reducing losses, and standardizing operational excellence. Focusing on these basics not only reduces costs but also drives decarbonization as a natural outcome of improved efficiency.

Operational improvements increasingly rely on frontline engagement and continuous performance initiatives. “Performance pop-ups” have been highlighted as a practical example of how to empower operators and technical teams to identify optimization opportunities and implement rapid improvements across refinery units.

Workforce planning is equally important. Developing technical and digital skills to manage advanced operations underpins competitiveness, especially amid generational transitions.

Capital allocation and operational upgrades must integrate talent readiness, risk mitigation, and realistic economics.

Strategic choices made today will determine which refiners are best positioned to lead in Latin America’s evolving energy landscape and protect margins in an increasingly volatile market.

Looking Ahead to LARTC 2026

 These insights will also help shape the agenda for the Latin American Refining Technology Conference (LARTC) 2026, where industry leaders will gather in Buenos Aires to discuss the future of refining in the region.

Discussions will focus on operational resilience, decarbonization strategies, regulatory realities, investment priorities, and digital transformation — all critical topics for refiners navigating today’s rapidly evolving energy landscape.

We look forward to welcoming the industry to Buenos Aires and continuing these conversations with refinery leaders from across Latin America and beyond.