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9. Inventories

Inventories as of December 31, 2012, December 31, 2011 and as of January 1, 2011 consist of the following:

December 31, 2012 December 31, 2011 January 1, 2011

Crude oil and gas

16,727

18,215

12,111

Petroleum products and petrochemicals

48,705

35,702

24,831

Materials and supplies

20,214

19,804

18,631

Other

5,096

4,263

2,607

Less provision for impairment

(2,458)

(3,783)

(1,644)

Total inventory

88,284

74,201

56,536

As part of the management of crude inventory, the Group may enter transactions to buy and sell crude oil from the same counterparty. Such transactions are referred to as buy/sell transactions and are undertaken in order to reduce transportation costs or to obtain alternate quality grades of crude oil. The total value of buy / sell transactions undertaken for the years ended December 31 is as follows:

2012

2011

Buy/sell crude oil transactions for the year ended December 31

76,912

76,731

Notes in Consolidated Statements:

Consolidated Statement of Financial Position as of December 31, 2012 Back to list

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