Pemex petchem sales plunge in first nine months of 2009

16 January 2010 00:04  [Source: ICIS news]

HOUSTON (ICIS news)--Petrochemicals sales by Petroleos Mexicanos (Pemex) plummeted during the first nine months of last year primarily as a result of dropping volumes and prices, Mexico’s state-run energy and chemicals major said on Friday.

Domestic petrochemical sales decreased by 37.9% to Mexican pesos (Ps) 16.2bn ($1.3bn) in the first nine months of 2009, from Ps26.1bn in the first nine months of 2008, due to a 37.8% decrease in the price of petrochemical products and a 5.9% decrease in the volume of petrochemical product sales, Pemex said in a US Securities and Exchange Commission filing.

Export sales of petrochemical products decreased by 62.5% to Ps1.2bn in the first nine months of 2009 from Ps 3.2bn during the same period in 2008, Pemex said.

Petrochemical production decreased by 0.6% to 3,214,000 tons in the first nine months of 2009, from 3,232,000 tons in the first nine months of 2008, Pemex said.

“This decrease was primarily due to lower production of ethane and methane derivatives, in particular ethylene oxide and ammonia, as a result of scheduled maintenance and the integration [including the closing of certain production plants] of the ethylene oxide project at the Morelos Petrochemical Complex,” Pemex said.

Pemex also said it planned to make Ps4.8bn in capital expenditures for petrochemicals production in 2010; Ps16.7bn in 2011; Ps6.5bn in 2012 and Ps6.2bn in 2013.

Separately, it said it planned to make Ps5.7bn in capital expenditures for natural gas and basic petrochemicals production in 2010.

($1 = Ps12.70)

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