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Problems at Pemex
Net 2003 Loss for Mexico's Pemex Widens
http://customwire.ap.org/dynamic/stories/M/MEXICO_OIL_LOSS?S...
MEXICO CITY (AP) -- Mexican oil monopoly Petroleos Mexicanos, or Pemex, saw its net loss grow last year, despite a 30 percent spike in sales, as the
state company paid more in government taxes and royalties.
In its 2003 report, released this past weekend, Pemex said sales rose 30 percent to $55.7 billion, backed by higher crude oil production and higher
crude prices.
Pretax profit at the company was $30.3 billion, up 29 percent from 2002, but additional taxes and royalties meant the company's net loss expanded by
more than a third to $3.7 billion.
Pemex transferred to the government 382.3 billion pesos ($38.2 billion) last year, compared with 293.6 billion pesos ($29.3 billion) in 2002.
Pemex pays more than 60 percent of its total sales to the government in taxes and royalties, a situation that has crimped its investment capabilities.
At the end of 2003, Pemex's total debt stood at $37.1 billion - $5.3 billion in short-term and $31.8 billion long term.
Pemex produced 3.37 million barrels a day of crude oil in 2003, up from 3.18 million barrels a day in 2002. Exports averaged 1.86 million barrels a
day, compared with 1.66 million barrels a day in 2002.
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Mexico launches crackdown on massive fuel theft
http://www.signonsandiego.com/news/mexico/20040302-1124-ener...
March 2, 2004
MEXICO CITY ? Hundreds of police officers began guarding Mexican fuel facilities this week to kick off a nationwide crackdown on the theft of millions
of dollars worth of fuel from pipelines and gas stations.
State oil and gas monopoly Pemex, which brings in a third of Mexico's revenues, said Tuesday it had worked with police for more than a year to plan
the operation.
"Now, with this patrol and the in-depth investigation the police are working on, we can hope to get somewhere, stop these operations and identify the
people who are attacking our pipelines," Pemex refining head Juan Bueno told local radio.
Across Mexico, looters puncture isolated pipelines to siphon off fuel for sale on the black market.
Some fill tankers with fuel stolen from storage tanks, gas stations or elsewhere along the distribution chain, helped by crooked Pemex staff.
Thieves are a common headache for oil companies operating in less developed countries.
Bueno said last September that Pemex was losing some $821 million each year to oil thieves, according to the Mexican daily El Universal.
"We are talking about billions of pesos," Public Security Minister Alejandro Gertz told a news conference. "The numbers at Pemex don't tally ? at some
point there is indiscriminate theft of fuel."
Police agents were deployed Monday at the Tula refinery in Hidalgo, a pumping station at Palmillas in Mexico State, which surrounds the capital, and a
pipeline that runs between Tula and Toluca.
Bueno said Pemex employees had been helping police by identifying suspected accomplices within the company.
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