ESG & Investing
Goldman, HSBC in Talks With Pemex on $1 Billion ESG Financing
- Indebted Mexican driller is under pressure to reduce emissions
- Government has stopped paying company’s debt service this year
A worker holds tips received at a Petroleos Mexicanos gas station in Ciudad Juarez, Mexico.
Photographer: Paul Ratje/BloombergThis article is for subscribers only.
Petroleos Mexicanos is seeking financing from HSBC and Goldman Sachs Group Inc. in a deal that will tie funds to reducing greenhouse gas emissions.
The banks have reached a preliminary agreement to provide financing to Pemex linked to carbon emissions reduction goals as the Mexican state producer struggles under a liquidity crunch and faces increasing pressure from investors to improve its environmental track record, according to people with knowledge of the situation. The banks will provide about $1 billion, one of the people said.