#1 US Companies Not Alone: PEMEX Loses US$7 billion
02-28-2009, 03:06 AM
- Join Date
- Jan 2009
- Central Florida
Mexican oil company posts $7 billion loss
Losses exceeding seven billion dollars for 2008 were confirmed by the Mexican national oil company Pemex on Friday. A slowdown of oil production and a drop in the country's currency were the main reasons cited for the loss.
SATURDAY 28 FEBRUARY 2009
AFP - Mexican national oil company Pemex announced on Friday a loss of more than seven billion dollars in 2008, a sixfold increase over the previous year, a company spokesman said.
The loss was mainly attributed to the drop in the peso's value, the spokesman told AFP.
Pemex declared a loss of around one billion dollars in 2007.
Mexico's peso was trading Friday at a record low of 15.22 to a dollar, despite an injection of cash by the country's Central Bank (Banxico).
The value of the peso has been dropping steadily since late August despite Banxico's 18.5-billion-dollar injection of cash in the exchange market that began on October 8 to fight the peso's fall."Because we're a great nation, our challenges seem complex; it will always be this way. But as long as we remember our first principals and believe in ourselves, the future will always be ours." -Reagan
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