Economy & Business - March 2021

MEXICO: Pemex’s 2020 results point to worsening situation

At the end of February Mexico’s state-owned oil company Petróleos Mexicanos (Pemex) released production data and financial results for the whole of 2020. The firm recognised that last year it suffered the worst crisis in its history as a result of the coronavirus (Covid-19) pandemic, which had a significantly detrimental impact on its finances with a loss of M$480.97bn (US$23m). This amounted to an increase of 38% relative to the loss it reported during 2019 which was around M$347.9bn.

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