Mexico’s heavily indebted state oil company Pemex will have about 200 billion pesos ($11.7 billion) this year to cover almost all of its regular debt payments, a senior finance official said on Tuesday, Jan. 30th.
Deputy Finance Minister Gabriel Yorio told reporters that some 145 billion pesos were allocated from the federal budget, which was approved last year by Congress, adding the quantity also includes funds from the profit-sharing tax DUC.
“With these two actions, we ensure that Pemex has the resources to pay its debt, the market debt, and also send a strong signal of commitment to investors,” said Yorio.
Pemex is among the world’s most indebted oil companies, with financial liabilities exceeding $100 billion, but it enjoys strong support from leftist President Andres Manuel Lopez Obrador, who despite pursuing broad budget austerity policies has directed more funding to the state-owned oil and gas producer.
TYT Newsroom