Treasury will support Pemex with debt repayments if required

Treasury will support Pemex with debt repayments if required

“The finance ministry will always be behind Pemex’s amortizations,” he told Reuters, adding that if the company has its own resources to pay its debt, it would do so itself. “His flow has improved tremendously this quarter.”

President Andrés Manuel López Obrador has said that his government will rescue the oil company, which carries a financial debt of 109,000 million dollars, which he assures his predecessors tried to destroy.

After years of decline, Pemex’s crude production has stabilized at around 1.6 million barrels per day.

Ramírez stressed that a jump in international crude oil prices, which has taken place since Russian forces invaded Ukraine in February, has eased pressure on Pemex’s liquidity, and has greatly improved its cash flow in the current quarter.

“If Pemex has flow for itself, to pay an amortization or several, or half of one or half of several, to that extent, it will do so and the Treasury will continue to respond for the total if it becomes necessary, or for the biases, if it becomes necessary,” the official said.

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