Mexico Pemex posts $10.3bn trade surplus in first six months

05 August 2013 23:31  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Petroleos Mexicanos (Pemex) generated a $10.3bn (€7.73bn) cash flow trade surplus in crude oil, petroleum products, petrochemicals and natural gas in the first six months of 2013, the state energy company said on Monday.

Export sales for the first half of the year totalled $24.1bn, while the cost of imports was $13.8bn, Pemex said.

The result compares with a surplus of $11.2bn and $13.2bn in the first halves of 2012 and 2011, respectively, according to previous Pemex statistics.

Through the company’s international sales wing, PMI Comercio International, Pemex exported over the six-month period an average volume of 1.17m bbl/day of crude oil to the US, European and far eastern markets.

Three grades of crude were sold on the international market – Heavy Maya, Istmo and Olmeca – bringing in revenues of $21.2bn.

Pemex exported $2.8bn of refined products – including gasoline, jet fuel, diesel and others – in the January-June period, while the cost of imports reached $12.6bn, the company said.

The company posted a $24m trade surplus in petrochemical products over the period, overturning a deficit of $5m recorded in the first quarter. Exports of petrochemicals totalled $94m, while the cost of raw material imports was $70m.

Over the six-month period, exports of natural gas stood at $300,000, while the cost of importing the feedstock was $1.1bn. The company began importing liquefied natural gas (LNG) in 2013.

Pemex noted that a boost in production of gasoline, diesel and other refined products reduced the total cost of imports in June to $1.9bn, the lowest figure for 27 months.

Furthermore, an 8% hike in gasoline production compared with the prior-year month reduced imports of the product to an average 249,000 bbl/day, the lowest volume since April 2008, the company said.

Meanwhile, the Mexican president, Enrique Pena Nieto, is expected to announce on Wednesday his government’s long-awaited plan to reform the country’s energy sector and open up Pemex to private and foreign investment.

The plans, which may involve changes to the country’s constitution to break Pemex’s monopoly over the oil industry, will be debated in the new congressional session starting on 1 September, and will require a two-thirds majority in order to be ratified.

($1 = €0.75)

By: Simon West

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