TPT September 2008

From the AmericaS

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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