Mexico giving 'complete support' to Pemex, has plan for 2023 debt payments

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Mexico's government will provide further support to state-run oil company Petroleos Mexicanos (Pemex) and has a plan to ensure that pending bond payments in 2023 are met, President Andres Manuel Lopez Obrador said on Friday.

Pemex's debt obligations are being paid on time with the government's assistance, and the finance ministry and Pemex's leadership are working out the schedule for this year's payments, Lopez Obrador said at a news conference.

Mexico would continue to reduce the tax burden on Pemex, alongside other measures, Lopez Obrador said, noting that the ministry would explain soon how debt payments would be met. Pemex's debt payments due for the first quarter of 2023 stand between $5.5 billion and $6 billion, the firm's Chief Executive Octavio Romero said earlier this month.

Several Pemex bonds traded up on Friday, including one maturing in 2048 that gained 1.5 cents to 67.2, and a 2046 issue that advanced by 2.5 cents to 65.3 cents on the dollar.this week touched their tightest level in nine months.

 

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