By James Fredrick?/?Business News Americas
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Mexico's treasury has authorized state oil company Pemex's 2013 budget that outlines spending of 476bn pesos (US$37.8bn) compared to 442mn pesos in 2012, BNamericas has learned.
E&P subsidiary PEP spending will increase slightly to 295bn pesos from 291bn pesos in 2012. Adjusting for inflation, PEP's budget will in fact decrease.
Refining unit Pemex Refinaci?n will be allocated 106bn pesos this year, a 21% increase compared to 87.7bn pesos in 2012.
Pemex's gas and basic petrochemical branch PGPB's budget will increase 15% to 20.3bn pesos from 17.8bn pesos a year ago, while its petrochemical arm PPQ will see a 17% increase in spending to 19.4bn pesos from 16.5bn pesos.
Finally, Pemex's corporate offices have been budgeted 35.1bn pesos this year, 20% more than in 2012.
The figures only include programmed costs and exclude net financial costs for each subsidiary.
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