Mexico’s state oil company Pemex (Petroleos Mexicanos) is in talks with the Mexican government about getting fresh debt support.
The Mexican government had already taken on Pemex debt amortizations in 2021 to help support the company’s growth. The government stopped in the beginning of 2022 due to high crude oil prices.
The talks highlight Pemex’s dependence on government support.
Pemex reported a net loss of 52 billion pesos (about $2.64 billion) in the third quarter of 2022 due to a rise in the cost of sales and and foreign exchange losses.
Source: Reuters.com, “Mexico’s Pemex in talks with government for new debt support,” by Adriana Barrera, December 14, 2022