Mexican national oil company Pemex will receive new funding for its E&P business as part of a broader financial support plan, President Andres Manuel Lopez Obrador said on Feb. 25.
Alongside a recently announced tax break, Lopez Obrador said Pemex would get support of around 100 billion pesos ($4.80 billion).
Reuters earlier this month reported the government would offer a tax break of 75 billion pesos ($3.60 billion) and inject about $1.3 billion to $1.6 billion into Pemex. Last week, Mexico granted new fiscal support to Pemex worth 73.28 billion pesos.
Lopez Obrador did not specify the value of the cash injection.
“It will get help so it doesn’t lack funds for work on exploration and production at oil fields,” he said during a regular government news conference.
On Feb. 24, credit ratings agency Moody’s Investors Service estimated that Pemex would need $14.7 billion in government support this year.
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