Arab Today, arab today mexican oil giant pemex reports 27bn first quarter loss
Last Updated : GMT 06:53:52
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Mexican oil giant Pemex reports $2.7bn first quarter loss

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Arab Today, arab today Mexican oil giant Pemex reports $2.7bn first quarter loss

Mexico City - AFP

Mexico's state oil monopoly Pemex on Wednesday reported anearly $2.7 billion loss in the first quarter.Pemex, which provides a third of Mexico's government revenue, had a $327 millionloss in the same quarter of 2013.The company saw a net loss of $12.5 billion in 2013.Mexico's national oil company posted the poor results amid an energy reformdriven by President Enrique Pena Nieto, who in December signed a controversial lawto open Mexico's oil industry to foreign investment for the first time in 75 years.The Mexican government on Wednesday presents legislation to underpin theconstitutional reform.Pemex is the seventh largest producer of crude oil in the world, according to thecompany, but has suffered a sharp fall in production in recent years. In 2005, Pemexproduced 3.4 million barrels per day compared with 2.5 million in 2013.

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