Mexico Pemex posts $4.82bn trade surplus in Jan-Feb

02 April 2013 22:32  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Petroleos Mexicanos (Pemex) generated a $4.82bn (€3.76bn) cash flow trade surplus in crude oil, petroleum products, petrochemicals and natural gas in the first two months of 2013, the company said on Tuesday.

According to preliminary figures, export sales reached $8.85bn in January and February, while the cost of imports was $4.03bn.

The surplus rose by 8% compared to the same two-month period in 2012, Pemex said.

Through its international sales wing, PMI Comercio International, Pemex exported an average volume of 1.26m bbls/day of crude oil to America, Europe and the Far East.

Heavy Maya crude represented 79% of total crude exports, while Istmo and Olmeca grades accounted for the remainder. Total crude sales were $7.69bn.

Petrochemical export volumes in January and February totalled 74,000 tonnes with a value of $20m, while the cost of raw material imports stood at $28m, Pemex said.

The company sold 209,000 bbl/day of fuel oil, gasoline, diesel and other products on the international market for a total of $1.14bn, an increase of 12% compared to the same period in 2012.

Pemex noted that imports of petroleum products fell by about 13% to $3.75bn.

($1 = €0.78)

By: Simon West

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