Mexico to Pump $3.6 Billion to Relieve Ailing Pemex

Published on 15 Feb 2019, 22:43
According to Reuters, Mexico plans to inject $3.6 billion into state-owned oil company Pemex, by reducing taxes and refinancing debt, promising to do “whatever is takes” to strengthen its finances and prevent a further credit downgrade. Falling oil output, corruption and high labor costs have contributed to the decline of the company that was once a symbol of national pride. It now holds roughly $106 billion in financial debt, the highest of any national oil company in Latin America.

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