Mexico City (awp / dpa) – Mexico’s state-owned oil company Pemex reduced its debt by $ 3.2 billion thanks to a government plan that ended “successfully,” the finance ministry said on Sunday .
“The process of refinancing the short-term debt of Petróleos Mexicanos (Pemex) has been completed. The operation, coordinated by the Treasury and Pemex, was considered by rating agencies and analysts to be a success.” , he said.
Left-wing Mexican President Andrés Manuel López Obrador announced in December that Mexico wanted to reduce Pemex’s $ 113 billion debt by $ 20 billion. His government presented a plan to inject $ 3.5 billion into Pemex and reduce its tax burden.
The oil company, which lost 3.79 billion dollars in the 3rd quarter of 2021, needs to increase its investments to halt the decline in its production, which fell from 3.4 million barrels per day in 2004 on average to 1, 7 million currently.
In 2020, mainly due to the pandemic, Pemex lost $ 23 billion, “the worst crisis” in the history of the oil company according to the government.
afp / al