TPT September 2008

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From the AmericaS
September 2008 132 ›
explained that, every year, the Mexican congress projects earnings
from oil by estimating the price Pemex will get for each barrel, how
much it will produce, and how much it will export. Any windfall is
calculated in part on the basis of Pemex’s earnings over that
estimate.
In the first quarter, the price for Mexican oil averaged 40 per cent
more than the budget estimate – a jump that should have delivered
an extra $3 billion to the treasury. But declining production [2.91
million barrels per day, down 7.8 per cent from first quarter 2007;
exports of 1.5 million bpd, down 12.4 per cent from first quarter
2007] meant that Pemex exported almost 12 per cent less crude
than the Congreso de la Unión estimated when it passed the budget
last year.
Ms Malkin reported: “Along with declining production and exports,
the cost of gasoline imports spiked 39 per cent due to higher
volumes and prices than legislators had estimated. A strong peso
hurt, too, because Mexico received less in peso terms for its dollar-
denominated oil sales.”
The result, the finance ministry said, was a shortfall of about $800
million.
Of related interest . . .
› As reported by the Cleveland Plain Dealer, UK-based Rolls-
Royce said it has orders in hand for seven gas turbine systems
to be assembled at its facility in Mount Vernon, in central Ohio. Three
of the turbines will be packaged with electrical power generators in
Brazil, and four will run compressors to pressurize major gas lines in
China and Thailand. Petrobras, the Brazilian oil and gas company,
will use the electrical generators to power motor-driven gas line
compressors for a pipeline system moving the fuel from an offshore
platform to its onshore São Paulo State gas network (‘Ohio-made
gas turbines headed overseas,’ 12 June).
According to the Plain Dealer, Petrobras has purchased 27 Rolls-
Royce turbines since 2001. PetroChina West-East Pipeline Co
ordered a turbine compression package this year, its 16th from
Rolls-Royce, for its 2,400-mile pipeline. In Thailand, two Rolls-
Royce turbine pipeline compression systems and a turbine-driven
power generator assembled at Mount Vernon will be added to the
26 Rolls-Royce turbines already operating to generate power or
pressurize pipelines. Rolls-Royce did not provide the value of these
sales.
Alternative Energy
Europe charges the US with
dumping biodiesel fuel
The European Union on 12 June asserted that United States
producers of biodiesel fuel are benefiting from subsidies that
threaten to put European producers out of business. The
accusation centres on tax credits available to American exporters
that allegedly favour them in a lucrative and growing business that
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