Mexico Pemex sees $20.9bn trade surplus in 2012

29 January 2013 19:50  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Petroleos Mexicanos (Pemex) registered a $20.9bn (€15.5bn) cash flow trade surplus in crude oil, petroleum products, petrochemicals and natural gas during 2012, the Mexican state energy producer said on Tuesday.

This compares to a trade surplus of $24.9bn, $19.5bn and $16.4bn recorded in 2011, 2010 and 2009, respectively, according to company statistics.

Pemex exported just over $52bn last year, a 6.7% decrease compared to 2011, while imports increased slightly to $31bn, the company said.

The company exported to America, Europe and Asia an average volume of 1.25m bbl/day of crude oil in 2012, at an average price of $101.81/bbl.

Maya crude exports were 77% of the total exported volume, while Istmo and Olmeca grades accounted for the remainder, at a total value of $46.7bn, Pemex said.

The company exported almost 148,000 bbl/day of fuel oil, gasoline, diesel and other products, at a value of about $5bn, while imports of these products totalled $29.5bn.

Pemex noted that imports of gasoline fell to 395,000 bbl/day in 2012 from an average of 405,000 bbl/day in 2011.

The company posted a petrochemical trade surplus of $31.3m in 2012 compared to a surplus of $136m in 2011. Exports last year totalled $283m, while imports were $252m.

($1 = €0.74)

By: Simon West

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