The Mexican oil company Pemex has revealed an "austerity" program under the direction of Claudia Sheinbaum, aiming to save about 2,500 million dollars and establish a new simplified tax.
The new director of Pemex, Víctor Rodríguez, announced that the strategy includes consolidating the company's subsidiaries into a single company, increasing productivity and reducing the subsidiaries that currently exceed 40.
"We are implementing a republican austerity plan and the integration into a single company. Initially, our goal is to achieve a reduction in expenses of 50,000 million pesos (2,500 million dollars) through the elimination of redundant costs," Rodríguez stated.
Pemex's debt amounts to about 99,000 million dollars, with reported losses of 21,912 million dollars in the first three quarters of 2024.
To improve the financial situation, the Undersecretary of Finance, Edgar Amador Zamora, announced the consolidation of the three current taxes paid by Pemex into a single tax under the name 'Petroleum Right for Wellbeing'. A rate of 30% will be applied to fuels in general and 11.63% for non-associated gas.
The goal of the new management of Pemex is to restore and increase oil reserves for 10 years of consumption, maintain daily crude production at 1.8 million barrels, and increase gas production to 5,000 million cubic feet per day.
It is also intended to raise the production of gasoline, diesel, and jet fuel by 34% to 343,000 barrels per day to achieve self-sufficiency. These changes coincide with a recent constitutional reform that redefines Pemex as "public companies" instead of "productive state enterprises" to avoid competing on the same level as private companies.
