Mexico’s Plan for Pemex Debt Refinancing Includes State Help
- Oil firm has nearly $102 billion in debt, relied on tax breaks
- Mexico finance minister outlined government plans for company
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Mexico’s government will continue to provide financial support to its debt-ridden oil company while it refinances its debt, said the top official in charge of Mexico’s public finances.
Recent support for Petroleos Mexicanos has shown that the state should continue to have a direct role in helping it reduce its debt, said Finance Minister Rogelio Ramirez de la O, and the company needs to make better investment decisions and stick to austerity measures. The government’s providing money to Pemex out of the federal budget was the start of a broader process, he said Tuesday.