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Pemex improves 1H04 trade balance by 19%

Bnamericas
Mexico's state oil company Pemex posted a positive trade balance of US$8.53bn from January to June 2004, up 18.8% from the same period last year due to higher crude export prices, the company said in a statement. Export revenues from crude, oil derivatives, petrochemicals, natural and liquefied gas for the six-month period were US$10.8bn, while the company's import costs for oil derivatives, petrochemicals and natural gas over the same period totaled US$2.2bn, which is a decrease of 1.7% year-on-year. Maya heavy crude, Istmo light crude and Olmeca extra-light crude exports to the Americas, Europe and the Far East averaged 1.86 million barrels a day (b/d), which resulted in revenues of US$9.68bn, up 14.2% compared to the same year-ago period. The average export price for Mexican crude was US$28.57 a barrel, which is US$3.83 more than the reported value for the same period in 2003. Oil derivates export revenues increased 15% over the period to US$961mn, while oil derivates imports fell 1.8% year-on-year to US$1.44bn. Petrochemical exports totaled US$112mn, up 47.8% from January to June in 2003, while money spent on petrochemical imports totaled US$14.1mn for the period. The demand for natural gas imports decreased by 1.9% over the period, representing a total cost of US$767mn for the company, the statement said.

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