Tuesday, April 27, 2010

Mexican energy giant reports export up 43 pct in Q1. Huge money and big sales to the US!


MEXICO CITY, Apr. 26, 2010 (Xinhua News Agency) -- The state-run oil giant Petroleos Mexicanos (Pemex) on Monday reported export sales of 9.3 billion U.S. dollars during the first quarter, up 43 percent from the 6.5 billion dollars seen during the same period last year.

Sales have increased in both dollar and peso terms as a recovery in the United States, Mexico's northern neighbor which consumes 80 percent of national exports, spurs demand for raw materials including oil, and increases the oil price.

Mexico's oil mix now trades at 76.28 dollars a barrel, but averaged 38.70 dollars a barrel during the first quarter of 2009.

The company, which is the only one allowed to explore or produce hydrocarbons in the nation, also reported imports worth 4.6 billion dollars.

Its trade balance was 4.8 billion dollars during the quarter, up 56 percent on the same period last year, according to the statement.

The firm reported sales via PMI International Trade of 1.26 million barrels a day (bpd) of crude oil, which was worth a total of 8.1 billion dollars during the whole period.

The firm has to import around 40 percent of the fuel sold at the pump in Mexico. Pemex pledged to build a new refinery and expand an existing one to boost its production capacity.

(Source: iStockAnalyst )

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