Mexico Pemex posts $6bn trade surplus in first quarter

03 May 2013 18:12  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Petroleos Mexicanos (Pemex) generated a $6.0bn (€4.6bn) cash flow trade surplus in crude oil, petroleum products, petrochemicals and natural gas in the first quarter of 2013, the company said on Friday.

According to Pemex statistics, this compares with a trade surplus of $6.4bn and $6.3bn in the first quarters of 2012 and 2011, respectively.

Export sales for the first quarter this year reached $12.8bn, while the cost of imports was $6.8bn, the company said.

Through its international sales wing, PMI Comercio International, Pemex exported an average volume of 1.2m bbls/day of crude oil to America, Europe and the Far East.

Three grades of crude were exported – Heavy Maya, Istmo and Olmeca – bringing in total revenues of $11.2bn for the quarter.

Pemex’s petrochemical trade deficit narrowed to $5m compared with $17m in the prior-year quarter. Exports for this quarter totalled $34m, while the cost of raw material imports was $39m.

The company exported $1.6bn of petroleum products including gasoline, jet fuel, diesel and others. The cost of importing these products reached $6.3bn, Pemex said.

Pemex noted that the cost of petroleum product imports dropped by about 15% when compared with $7.4bn in the first quarter of 2012.

($1 = €0.77)

By: Simon West

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