The Government of Mexico plans to allocate approximately 6 billion dollars (equivalent to 120 billion pesos) to Petróleos Mexicanos (Pemex) in the Economic Package for the year 2025, revealed sources familiar with the matter. This action is considered a gesture of support by the Government of Claudia Sheinbaum towards the indebted company. According to the sources, the budget includes support for Pemex's debt payments next year.
Pemex is facing a debt of nearly 9 billion dollars maturing in 2025 and about 13 billion dollars maturing in 2026, the year when the peak of maturities is expected. To alleviate the financial burden on the company, there are plans to simplify Pemex's tax structure, which currently involves three different types of taxes. This fiscal adjustment aims to streamline the company's tax regime and improve its financial situation.
However, during the 'morning briefing for the people' on Wednesday, November 13, President Sheinbaum denied the previously revealed figure. 'That figure is not correct,' she said. Pemex has announced that it is working on a plan to manage its debt, which will be published after the presentation of the Economic Package for the year 2025 by the Government.
During his term, former President López Obrador supported Pemex with around 80 billion dollars through capital injections and tax exemptions. The current administration is committed to continuing to support the energy company, following the backing policy of López Obrador. In last year's budget, Pemex received around 8.2 billion dollars to support its debt payments, in addition to a reduction in the main tax the company has to pay.
Investors trust that the Government of Claudia Sheinbaum will continue to provide financial support to cover Pemex's maturities. So far, authorities have allowed the company to defer its tax payments, which has been seen as a relief by investors concerned about the high debt of the Mexican oil company, which reaches 97.3 billion dollars.
