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See more Images of May Follow Reuters Facebook Twitter RSS YouTube Read Mexican presidency front-runner's image used to promote adultery 06 Jun 2012 LinkedIn, eHarmony suffer data breaches 12:36am EDT Untreatable gonorrhoea spreading around world: WHO 06 Jun 2012 Republicans attack Obama over glitzy fundraisers 06 Jun 2012 Exclusive: Drones "inhumane", dead al Qaeda man's family says 06 Jun 2012 Discussed 353 NY mayor blasts sugar ban critics: ”That’s a lot of soda” 280 Louisiana’s bold bid to privatize schools 277 Florida to continue voter purge in defiance of warning Watched NASA delivers high-def view of Venus transit Wed, Jun 6 2012 Supersonic mini-drone aims for jet speed record Tue, Jun 5 2012 A look at the UK’s most beautiful face Thu, May 10 2012 Pictures Reuters Photojournalism Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption Enterprise in NY The Enterprise shuttle floats by Manhattan. Slideshow D-Day: A look back Images from the Allied landings at Normandy. Slideshow Mexico accounting regulator says no fraud at Pemex Tweet Share this Email Print Related News Special Report: Mexico's Zetas rewrite drug war in blood Wed, May 23 2012 Forty-nine headless corpses found in northern Mexico Sun, May 13 2012 Mexico lawmakers flag $30 billion Pemex loss in audit Tue, May 8 2012 Analysis & Opinion USA Todayâ€™s oily, gassy rainbow Related Topics World » Mexico » MEXICO CITY | Thu Jun 7, 2012 1:12am EDT MEXICO CITY (Reuters) - Mexican authorities said on Wednesday that state oil monopoly Pemex had not hidden losses of $30 billion, quashing accusations from opposition lawmakers in the run up to a presidential election in which overhauling the firm is set to be a key issue. The Mexican comptroller's office said it supported statements from Pemex that its accounting had followed rules accepted in Mexico and the United States, after a lawmaker from a leftist party said in May that the firm appeared to have scrubbed a 2009 loss of about $30 billion from its books. Esthela Damian of the Party of the Democratic Revolution (PRD) had said the loss was later recorded as an increase in assets. "There was no diversion of funds or any embezzlement," the accounting regulator said in a press release on Wednesday. Overhauling the state oil monopoly to introduce more efficiency and transparency is a top issue in the July 1 presidential election as Mexico relies on oil revenues to fund around a third of the federal budget. A Pemex spokesman said in May that the accounting issue had nothing to do with fraud and was linked to a change in the financing regime to fund long-term infrastructure projects. The oil giant later explained in a statement that as part of those changes, the gains or losses of Pemex's subsidiaries were transferred to the parent company from 2010. The 2010 results of Pemex's exploration and production unit were considered as accounts receivable, which explains the big gap noted by a congressional panel, the company said. HULKING BUREAUCRACY How to improve management of Pemex's hulking bureaucracy is high on the agenda in the election race, where the centrist Institutional Revolutionary Party, or PRI, has a wide poll lead over the ruling conservatives, the National Action Party (PAN). Both the PRI and the PAN are proposing major changes to the state-run giant to improve oil output and turn it toward long-term profitability. The PRD, by contrast, is opposed to significant outside investment in the company. A plan to open up Pemex further to the private sector would help boost the Mexican economy, adding as much as 0.8 percentage point to annual gross domestic product over a five-year period, said consultancy Capital Economics in a report. Pemex is not publicly traded and regularly operates at a loss because most of its revenue is gobbled up in taxes. (Reporting by Ioan Grillo; Editing by Joseph Radford) World Mexico Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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