LatinNews Daily - 05 January 2023

In brief: Mexico’s Pemex in talks with gov’t over debt payments

*Octavio Romero Oropeza, the CEO of Mexico’s state-run oil company Pemex, has stated that the company is working with the federal government and finance ministry (SHCP) to manage its debt. As of 30 September, Pemex’s financial debt amounted to M$2.132trn (US$105bn), making it the world’s most indebted major oil company, according to Bloomberg. Speaking at a press conference, Oropeza said President Andrés Manuel López Obrador had ordered the SHCP to support Pemex in paying its debt amortisations, as these are not included within the budget. He noted that good crude oil prices and increased production allowed Pemex to take care of the amortisations itself from April to December 2022. However, he noted that “heavy” maturities were coming up in the first three months of this year, of between US$5bn and US$6bn, and that Pemex had been in talks with the SHCP “looking for alternatives as to how we are going to solve this payment of amortisations.”

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