Treasury to support Pemex

MEXICO CITY, April 14, 2016 – Pemex will receive more than USD 4 billion in aid, the Mexican government announced late on Wednesday. The sum is split between a direct financial injection of USD 1.5 billion and some USD 2.6 billion for 2016 pension and retirement payments.

“The adverse economic conditions that the hydrocarbons sector is going through on an international level and the depletion of different wells have weakened Pemex’s financial situation,” the country’s Treasury Department said in a statement, adding that Pemex would have to work to reduce its debt and liabilities by around USD 4 billion in return for the financial assistance.

In March, the company announced that it obtained credit lines worth some USD 836 million in an effort to pay back its suppliers and secure additional liquidity. Pemex’s debt at the end of 2015 came out at about USD 8.4 billion.

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