Silver Lining To Pemex Woes

摘要

As the rest of the oil-producing world laughs all the way to the bank, Petroleos Mexicanos (Pemex) is plunging ever deeper into crisis, at the same time offering shipping anrnunexpected silver lining.rnLast week, Mexico's national oil company reported a 56% slide in 2Q08 profits - despite an 83% spike in the average price of its crude. Pemex has been badly hit byrnthe precipitous decline of Cantarell, the largest field in Mexico and currently the third largest in the world.rnSimultaneously, Pemex's tax burden (funding more than arnthird of the country's budget) jumped over 60%.rnThe company is also spending more on imports as production fails to meet domestic demand. Mexico's refinery shortfall requires some crude to be shipped out to foreign refineries and then reim-ported as products.rnThe company is also protected from competition in Mexico, where it enjoys a legal monopoly on the exploration, processing and sale of petroleum.