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)