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Latin America’s refining sector is entering a period of significant change.

Volatile global markets, evolving energy security priorities, decarbonization pressures, and increasingly complex regulatory environments are reshaping how refiners operate and invest.

In this environment, companies must carefully balance the demands of today’s operations with longer-term strategic decisions about technology, capital allocation, and the energy transition.

In preparation for the 2026 Latin American Refining Technology Conference (LARTC), the World Refining Association convened senior executives and technical leaders from across the region’s downstream industry for a closed-door Advisory Board discussion.

The objective was to explore the most pressing challenges, strategic priorities, and emerging opportunities shaping the future of refining in Latin America.

Over the course of a two-hour discussion, participants shared practical insights from across the sector, reflecting on how refiners can strengthen operational performance while navigating growing uncertainty and change.

Industry Leaders Contributing to the Discussion

The conversation brought together a diverse group of leaders representing refiners, technology providers, consultancies, and industry partners from across the Latin American downstream ecosystem.

We extend our sincere thanks to the Advisory Board members who contributed their perspectives to the discussion and to the insights captured in this report:

• Luis Eduardo Valente, Superintendent Director, Fabrica Carioca de Catalisadores (FCC SA)
• Arturo Medellin, Partner, McKinsey
• Melisa Prost, Executive Technology Manager, Pan-American Energy (PAE)
• Jorge Ramses Sanchez, Engineering and Project Costs Manager, Pemex
• Leandro Soido, Process and Operations Support Manager, Petrobras
• Ricardo Villalva, Refining Manager, PetroEcuador
• Flavio Puppi, Client Director, Petrogenium
• Sergio Bergerman, Technology Manager – Buenos Aires Refinery, Raizen
• Viriato Sanchez, General Manager, Refidomsa
• Gabriel Faroppa, Industrial Director, Refipampa
• Miguel Tutera, Sales Manager, Topsoe
• Alejandro Lavadenz, Head of Business Development, YPFB Refinación S.A.

The Strategic Priorities Shaping the Industry

Five core priorities emerged from the discussion, each reflecting the complex balancing act refiners face today.

#1 Investment Choices for Efficiency and Value Capture

Refiners must navigate competing capital priorities while maintaining operational reliability and energy security.

Improving efficiency, optimizing assets, and pursuing pragmatic decarbonization pathways will be essential to maximizing performance and long-term value creation.

#2 Operational Flexibility as a Competitive Advantage

In increasingly volatile markets, the ability to adapt production slates, leverage catalysts, and implement dynamic optimization strategies is becoming a defining capability for refinery operators.

#3 AI in Refining: From Hype to Value Creation

Digital technologies are generating significant interest across the industry, but successful adoption depends on identifying applications that deliver measurable return on investment — from predictive maintenance and energy efficiency to blending optimization and demand forecasting.

#4 SAF and Low-Carbon Fuels: Opportunities and Challenges

Sustainable Aviation Fuel presents both opportunity and complexity. Refiners must navigate feedstock availability, regulatory uncertainty, and economic viability while evaluating domestic and export market strategies.

#5 Culture, Capability, and Strategic Agility

Technology transformation ultimately depends on people. Developing digital capability, enabling human-in-the-loop decision-making, and establishing strong governance frameworks will be essential to driving sustainable operational improvement.

Together, these priorities illustrate the increasingly interconnected nature of refining strategy. Operational performance, digital transformation, workforce capability, and decarbonization are no longer separate conversations — they must be addressed together.

Introducing the Forecast Series

This article marks the beginning of the World Refining Association Forecast Report 2026: Latin America Series, where we will explore each of these priorities in greater detail.

In the coming articles, we will examine how refiners across the region are:

• Making strategic investment decisions under capital constraints
• Building operational flexibility to respond to market volatility
• Turning digital innovation and AI into measurable operational value
• Evaluating opportunities in SAF and low-carbon fuels
• Strengthening the talent, culture, and governance needed for long-term transformation

Each article will expand on the insights shared by industry leaders during the Advisory Board discussion.

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.