Petroleos Mexicanos, Latin America’s largest oil producer, is seeking to boost its capital expenditures budget by 22 percent next year to increase output, the company’s chief executive officer said.
The board of Pemex, as the Mexico City-based company is known, approved “a little bit less than” 350 billion pesos ($30.3 billion) for next year’s investments, CEO Juan Jose Suarez Coppel said yesterday in an interview with Radio Formula. Pemex’s investment plan requires approval by Mexico’s finance ministry, Suarez Coppel said, according to a transcript of the interview posted today on the company’s website.
As of May 31, state-owned Pemex had invested 69.6 billion pesos, or 25 percent, of its 2011 budget, according to a monthly company report. Last year’s Pemex budget proposal was cut to 286 billion pesos from 300 billion pesos by the finance ministry before being sent to Congress for final approval.
After the ministry’s evaluation, the 2012 proposal will be submitted to Congress in September and is scheduled to be voted on by Nov. 15.