Claudia Sheinbaum’s government plans to set aside about $6 billion in its draft 2025 public budget for heavily indebted Pemex, and would help its debt obligations next year, Bloomberg News reported Tuesday, citing people familiar with the matter.
Despite the efforts of the federal government to reduce its liabilities, the oil company carries a financial debt of about 100,000 million dollars and a supplier debt of about 20,000 million dollars.
On Friday, the Ministry of Finance will deliver the proposed Economic Package 2025 to the Legislature for discussion and approval.
Bloomberg recalled that Pemex faces approximately $9 billion in debt maturities next year and nearly $13 billion in 2026, the year in which maturities will reach their highest point.
Read: Pemex’s losses deepen 104% in the third quarter
The Treasury also plans to simplify Pemex’s tax structure, which currently includes three different types of contributions, in order to optimize its tax regime and improve its tax accounts, one of the sources said.
President Claudia Sheinbaum has reiterated that her administration will follow her predecessor AMLO’s policy of supporting Pemex with public resources.
The planned capital injection will provide relief to investors worried about the company’s $97.3 billion debt load.
Treasury did not immediately respond to a request for comment from Bloomberg.
Lee: To reverse losses, Pemex must be productive and efficient
Bloomberg recalled that AMLO supported Pemex with approximately $80 billion throughout his mandate through capital injections and tax exemptions. In his last month before leaving office, the president declared that continuing cash injections to Pemex was in the national interest.
Last year’s budget allocated about $8.2 billion to help Pemex pay off its debt, and the government reduced the rate of its main tax to 30%. In addition, the authorities have allowed the company to defer its tax payments.
Sheinbaum and his energy team are expected to give more details about plans for Pemex at a news conference scheduled for Wednesday.
Read: Business plan for Pemex and CFE as public companies will be announced in two weeks
With information from Reuters
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