Sheinbaum proposes renegotiating Pemex’s debt and a renewable energy plan

The presidential candidate of the ruling party, Claudia Sheinbaum, He indicated this Monday that he has a plan to Mexican Petroleum (Pemex)the most indebted oil company in the world, which consists of renegotiating liabilities and a focus on renewable energy.

“We have a plan for Pemex, which is one of the issues that I know some of you have in mind, and it has to do with, obviously, the refinancing of the debt associated with a plan for Pemex, also long-term”he said during a meeting with the Council of the Americas in Mexico City.

The representative of the Let’s Keep Making History coalition also pointed out that “The sustainability plan for Pemex was recently presented,” which is important because the state company has to face the climate crisis by entering new markets.

“Not only oil and gas, which is essential, but also allowing it to enter other sources, renewable sources, cogeneration that also allows the refinancing of the debt,” expressed the presidential candidate.

Sheinbaum’s statements occur after the Government of Andrés Manuel López Obrador stated at the beginning of the year that the parastatal’s debt has been reduced by 17.4% so far in his Administration, which began in December 2018, up to US$ 106.8 billion.

Although analysts point out that this debt will be one of the greatest challenges of the next Government, the representative of the National Regeneration Movement (Morena), the Labor Party (PT) and the Green Party affirmed that her plan is feasible and that she will work on a model to long term “for the next 30 years”.

Sheinbaum stated that energy cogeneration has in Mexico “enormous potential” not only for Pemex, but for the industrial development parks it intends to build and other energy efficiency schemes.

He pointed out that in the next 30 years it is important to meet the goals of the Climate Change Convention, but at the same time generate the investments required for the development of the country.

During the López Obrador government, Pemex has relied on tax exemptions and cash injections from the Treasury.

It even issued a decree in which the Government exempted Pemex from paying taxes for the shared utility right (DUC) and hydrocarbon extraction from October 2023 to last January.

For both concepts, Pemex had to deliver 86,640 million pesos (about US$ 51,054 million) for both concepts in the last quarter of last year, according to the Economic Information System (SIE) of the Bank of Mexico (Banxico).

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