Oct. 28 (Bloomberg) -- Petroleos Mexicanos, the largest oil producer in Latin America, said its third-quarter loss narrowed to 3.7 billion pesos ($277 million) as it imported fewer refined products.

Pemex, as the Mexico City-based company is known, said today in a statement to the Mexican Stock Exchange that it posted a loss of 14.4 billion pesos in the year-ago period. Sales fell 21 percent to 293.4 billion pesos.

Pemex, which plans to spend a record $19.5 billion this year on production and exploration projects, said output last year fell at the fastest pace since World War II because of declines at its 30-year-old Cantarell field. The state oil company posted more than $10 billion of losses since 2008.

To contact the reporter on this story: Carlos M Rodriguez in Mexico City at carlosmr@bloomberg.net; Andres R. Martinez in Mexico City at o amartinez28@bloomberg.net;

Last Updated: October 28, 2009 19:20 EDT