The Mexican president, Andrés Manuel López Obrador, affirmed this Friday that his government will support Petróleos Mexicanos (Pemex), considered the most indebted oil company in the world, to cover the US$ 10,000 million in bonds that it must pay this year.
“Yes, we have been supporting Pemex, we will continue to do so because it is the rescue of our country’s public company, it is one of the most important companies in the world in the oil sector and all previous debt maturities are being paid on time”, he assured in his daily press conference.
The president offered this support questioned by the fact that the state oil company must pay US$10 billion this year that were not contemplated in the budget, of which almost US$6 billion must be covered in the first quarter.
López Obrador did not reveal whether the Government will fully or partially cover these amounts, but commented that there is a “full support” of the Ministry of Finance.
“Regarding these maturities, the Treasury already has a plan together with the Pemex management, and it will be fulfilled on time, in a proper way, it will be paid on time. They already have, I repeat, a plan to cover debts for this year“, held.
Although the president indicated that the Treasury would reveal the plan later, he announced that among the measures would be to reduce the oil company’s taxes, something he has done since his first year in office.
It also contemplates transferring debt from Pemex to the sovereign debt of the Government “because the credit rate is lower”.
The president affirmed that this can be done because the “Public Treasury is very solid” and his Administration “has not resorted to additional debts.”
“We have no problems in terms of public finances, fortunately we have healthy public finances and Mexico has, for financiers, good budget management, that is what is known”he asserted.
Pemex earned an accumulated amount of US$9,633 million in the first three quarters of 2022, with a 5.2% reduction in its total financial debt compared to the end of 2021, reaching US$105,035 million.
Source: EFE
Source: Gestion
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