Today at the morning conference, several aspects related to the hydrocarbons policy in the current administration were discussed. Despite the information shared, uncertainty remains about how Pemex will stop being a burden on public finances and be able to settle its debt of 402 billion pesos with its suppliers.
During the previous administration, Pemex reported accumulated losses of 1.3 trillion pesos and received more than 1 trillion pesos in direct and indirect transfers from the government. Deficiencies in the operation of the refineries, managed by Pemex Transformación Industrial (PTI), have been identified as one of the main reasons behind the losses.
Although it is suggested that savings of 50 billion pesos will be achieved through the reduction of subsidiaries and other efficiency measures, this amount is likely to be insufficient. It is expected that around 6 billion dollars will be allocated to Pemex in the 2025 budget, which is equivalent to about 120 billion pesos.
The modification of the Unique Right of Shared Utility for Oil Law for Welfare and the adjustment of percentages, such as the drop from 65 percent to 30 percent, propose significant changes. Nevertheless, in the first nine months of last year, the rights paid by Pemex drastically decreased to 1,138 million pesos, representing a 98 percent drop, without translating into a substantial improvement in its finances.
Even with the proposed measures, doubts persist about the effectiveness of the strategies to ensure Pemex's financial viability. Experts point out that additional maintenance in the refineries may not be sufficient to reverse the substantial losses incurred. Also, the start-up of the Dos Bocas refinery, although expected to be successful, poses significant challenges given the history of failed inaugurations.
Regarding energy self-sufficiency, the estimated production at Dos Bocas could approach the internal demand for gasoline. However, this strategy may not be enough to ensure the company's financial stability in the long term, especially considering current budgetary restrictions.
In summary, despite the efforts and changes in hydrocarbons policy, doubts remain about Pemex's ability to overcome its financial challenges and cease to be a burden on the State in the near future.
