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Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) reportedly lost 1.23 billion pesos worth of its assets and inventory that were unaccounted for in a recent audit, which now must be located.

The company’s internal audit, which was originally set to take place between January 2019 and March 2020, was unexpectedly set back by the covid-19 pandemic and instead finished in December 2020, partially explaining the irregularities.

The report investigated 25 warehouses that originally had a complete inventory valued at 5.7 billion pesos, meaning the newly-revealed losses of 1.23 billion pesos were 24.3 percent of Pemex’s total initial stock.

Further irregularities showed materials with non-existent inventory codes, minimum inventory, unaccounted for surpluses in certain areas and duplications in the stock registry.

Clarification is being requested in particular for missing materials, where the balance recorded doesn’t match the physical amount on hand.

The audit also noted 19 thefts of stock over the course of 2019, to the tune of 9.6 million pesos worth of losses, caused by deficits in warehouse security.

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