Background on Key Figures and Relevance
Petróleos Mexicanos (Pemex), Mexico’s state-owned petroleum company, is set to receive financial support from the development bank for its strategic projects. This initiative is part of Pemex’s Plan Estratégico 2025-2035, aiming to boost the company’s income and reduce its reliance on government assistance.
Jorge Mendoza Sánchez, the General Director of Banco Nacional de Obras y Servicios Públicos (Banobras), is leading the charge to ensure that at least half of the 250,000 million pesos investment fund is financed by development banks. This move is crucial for Pemex’s strategic projects, which are expected to increase the company’s revenue and ensure its long-term stability.
Edgar Amador Zamora, Secretary of the Hacienda y Crédito Público (SHCP), has confirmed that the strategic plan will decrease Pemex’s debt by 25% compared to 2018 levels by the end of the six-year term. This reduction is expected to strengthen Pemex’s financial position and enable the company to become self-sufficient by 2027.
Investment Fund and Debt Reduction
The development bank, led by Jorge Mendoza Sánchez, will utilize its balance sheet to finance at least half of the 250,000 million pesos investment fund. The remaining portion will come from commercial banks and eventually from public investors through structured financing arrangements. This approach ensures that the investment is technically, financially viable, and sustainable without overburdening Pemex’s debt limit or compromising fiscal stability.
According to the strategic plan, this fund will channel resources without putting pressure on Pemex’s debt ceiling or jeopardizing fiscal stability. The financial schemes are linked to the investment project cash flows, which will serve as payment sources for future obligations, ensuring sustainability in the coming years.
Edgar Amador Zamora, Secretary of SHCP, has stated that the strategic plan will decrease Pemex’s debt from 105,800 million current dollars to 77,300 million current dollars by the end of the six-year term. A significant component of this strategy is the recent operation conducted in global markets involving pre-capitalization notes, which will allow Pemex to anticipate obligation payments in 2025 and 2026, reducing refinancing operations, enhancing liquidity, and improving the financial cost for the public sector.
Luz Elena González, Secretary of Energy (Sener), has highlighted that Pemex will continue to require financial support from Hacienda during the current and following years to meet its financial needs. This support will ensure a positive operating balance for Pemex by 2027, enabling the company to fulfill its commitments.
Key Questions and Answers
- Who is leading the development bank’s efforts to finance Pemex projects? Jorge Mendoza Sánchez, the General Director of Banco Nacional de Obras y Servicios Públicos (Banobras).
- What is the target portion of the investment fund that development banks aim to finance? At least half of the 250,000 million pesos investment fund.
- How much will Pemex’s debt decrease by the end of the six-year term according to the strategic plan? By 25% compared to 2018 levels.
- What are the pre-capitalization notes, and how will they benefit Pemex? Pre-capitalization notes are financial instruments issued in global markets. They will enable Pemex to anticipate obligation payments in 2025 and 2026, reducing refinancing operations, enhancing liquidity, and improving the financial cost for the public sector.
