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.