Mexico to inject up to $3.5 billion into Pemex
MEXICO CTY, December 8, 2021 – Mexico’s Pemex will receive a capital injection from the state of up to USD 3.5 billion, the NOC said on Monday.
The funds are intended to help address the company’s financial liabilities. Pemex reported around USD 113 billion in debt at the end of Q3 2021, and ranks as the world’s most indebted oil company.
The company also said it would offer US dollar-denominated global notes to secure further funds.
Mexico’s current administration, led by President Andres Manuel Lopez Obrador, aims to turn the tides on the NOC’s years of low production and debt.