financetom
Business
financetom
/
Business
/
Mexico to simplify fiscal regime for state oil firm Pemex
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Mexico to simplify fiscal regime for state oil firm Pemex
Nov 13, 2024 7:25 AM

MEXICO CITY, Nov 13 (Reuters) - Mexico announced on

Wednesday a plan to simplify its fiscal regime for state oil

firm Petroleos Mexicanos, known as Pemex, in effort to

boost the producer whose heavy debts have weighed on state

coffers.

Mexican President Claudia Sheinbaum said in the regular

morning press conference that Pemex would pay a general duty of

30% and 11.63% on its more costly non-associated gas operations,

saying the move was aimed at "transparency" and giving the oil

company more room for investment.

During the presentation, state officials laid out plans for

Pemex to increase its 3P reserves, hit a target of 5,000 cubic

meters of natural gas per day during Sheinbaum's six-year term,

maintain its hydrocarbon production at 1.8 million barrels per

day, and increase its oil storage capacity.

New Pemex chief Victor Rodriguez said the company would

push an austerity drive that seeks to slash some 50 billion

pesos ($2.44 billion) in costs.

He added that Pemex would continue to work to pay down its

debts and that he did not expect the company would have to

resort to international debt markets to shore up its financing.

Despite government efforts to reduce debt, Pemex carries

financial debt of about $100 billion and provider debt of about

$20 billion.

Credit agencies have warned that government

budget allocations for Pemex

are an important factor they look at when assessing the

country's credit rating.

($1 = 20.5337 Mexican pesos)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Meta deepens AI push with 'Superintelligence' lab, source says
Meta deepens AI push with 'Superintelligence' lab, source says
Jul 1, 2025
(Reuters) -Meta CEO Mark Zuckerberg has reorganized the company's artificial intelligence efforts under a new division called Meta Superintelligence Labs, according to a source on Monday. The division will be headed by Alexandr Wang, former CEO of data labeling startup Scale AI. He will be the chief AI officer of the new initiative at the social media giant, the source...
Activist Barington asks casket maker Matthews for board seats, warns of second battle
Activist Barington asks casket maker Matthews for board seats, warns of second battle
Jul 1, 2025
NEW YORK, July 1 (Reuters) - Barington Capital Group on Tuesday urged casket maker Matthews International ( MATW ) to fix its business and immediately invite the activist investor onto its board, or possibly face another clash with the group next year. Barington criticized Matthews' business portfolio, capital allocation, lagging stock price, and long-serving CEO in a letter seen by...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
EToro Closes 3-Year, $250 Million Revolving Credit Facility
EToro Closes 3-Year, $250 Million Revolving Credit Facility
Jul 1, 2025
08:55 AM EDT, 07/01/2025 (MT Newswires) -- EToro Group ( ETOR ) said Tuesday it has secured a new, three-year $250 million senior unsecured revolving credit facility. The credit line remains undrawn at closing, the company said, adding that the new $250 million credit facility offers it greater financial flexibility for its long-term strategic growth goals. As of March 31,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved