Pemex Talks With Finance Ministry on Debt-Payment Alternatives
- Pemex CEO says discussions underway since last quarter
- AMLO says government will help Pemex pay debt if necessary
Pemex CEO Octavio Romero Oropeza
Photographer: Alejandro Cegarra/BloombergThis article is for subscribers only.
Mexico’s Petroleos Mexicanos is evaluating debt payment options with the Finance Ministry as the company struggles to convert high oil prices into profits amid weak production and a focus on refining instead of exporting its crude.
Pemex Chief Executive Officer Octavio Romero Oropeza said he’s been in talks with the Finance Ministry since the last quarter of 2022 to find an option for Pemex to pay its maturing debt because the amortizations aren’t included in the budget. He noted that high oil prices could enable Pemex to find alternatives.