The Mexican oil company Pemex reduced its debt by USD 3,200 million

The state-owned company Petróleos Mexicanos (Pemex) reduced its debt by 3,200 million dollars thanks to a government plan that concluded “successfully”, the Ministry of Finance reported this Sunday.

A statement from the agency details that the financial pressure was also reduced by 10,500 million dollars.

“The refinancing process of the short-term debt of Petróleos Mexicanos was concluded. The operation, which was carried out in coordination by the Treasury and Pemex, was considered by the rating agencies and analysts as a success,” the statement details.

This strategy had been announced last December by the leftist president Andrés Manuel López Obrador, who since taking office in December 2018 has sought to rescue Pemex, burdened by its debts and a drop in its production.

“This process had 3.5 billion dollars contributed by the federal government to promote the refinancing of Pemex’s short-term maturities,” the statement details.

The oil company, which lost some 3.79 billion dollars in the third quarter of 2021, needs to increase its investments to reverse a prolonged decline in its production, which fell from an average of 3.4 million barrels per day in 2004 to 1.7 millions today.

In 2020, as a result mainly of the covid-19 pandemic, Pemex lost some 23,000 million dollars, what the government considers is “the worst crisis” in the history of the oil company.

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Reference-www.infobae.com

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