Mexico’s government readying roughly US$5 billion Pemex lifeline, source says

In the past two years, the government of President Andres Manuel Lopez Obrador has injected billions of dollars in capital in the loss-making company and reduced its tax burden.

RIO DE JANEIRO, BRAZIL - (Reuters) Mexico’s government will inject between US$1.3 billion and US$1.6 billion into state oil company Petroleos Mexicanos (Pemex) this year and offer a tax break of 75 billion Mexican pesos (US$3.68 billion), a senior official told Reuters on Thursday, February 18th.

The world’s most indebted oil company, Pemex had more than US$110 billion in financial debt at the end of the third quarter last year while its liabilities far exceeded its assets.

In the past two years, the government of President Andres Manuel Lopez Obrador has injected . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?