Mexico Pemex reports $6.2bn loss for Q3 on hurricane, weaker peso

29 October 2011 00:08  [Source: ICIS news]

MEXICO CITY (ICIS)--Mexico-based oil and chemical producer Pemex reported on Friday a third-quarter loss of Mexican pesos (Ps) 81bn ($6.2bn, €4.3bn) because of the depreciation of the nation's currency and reduced crude production caused by Hurricane Nate.

The quarterly loss was the largest since 2008.

The loss came despite a year-on-year increase in sales to $29.2bn from $23.7bn. Pemex attributed the sales increase to higher oil prices.

Pemex's third-quarter petrochemical production fell 15% year on year.

Pemex production of ethane derivatives fell 28% year on year. Aromatics fell 38.5%.

($1 = Ps13.13)
($1= €0.70)

By: James Young

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