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Mexican Government to Give Pemex $5 billion to Reduce Indebtedness

Source: www.gulfoilandgas.com 9/12/2019, Location: South America

The Ministry of Finance and Public Credit has announced that the Government of Mexico will make an equity capital contribution in an amount in Mexican pesos equivalent to USD 5 billion to Petroleos Mexicanos (Pemex). This action is part of the Government's ongoing efforts to strengthen the financial stability of Pemex and enhance its profitability and long-term strategic contribution to the Mexican economy.

The capital contribution will be funded from financial assets held at the Treasury. Pemex will use these funds to reduce its overall indebtedness in connection with measures that it will announce shortly to reduce debt and manage its maturity profile. The company will be providing details of the transaction in due course.

The capital contribution will have no impact on the net debt of the Mexican Public Sector or on the Historic Public Sector Borrowing Requirements, which is the broadest measure of Public Sector debt.

The Ministry of Finance and Public Credit reaffirms its commitment to fiscal discipline and macroeconomic stability underpinned by prudent policymaking. We are confident that this capital contribution and the subsequent reduction in Pemex's financial obligations will strengthen Pemex.

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