Overview of the Plan to Support Petróleos Mexicanos (Pemex)
The Secretaría de Hacienda y Crédito Público (SHCP), through the Banco Nacional de Obras y Servicios (Banobras) will create a $2.5 billion investment fund for Petróleos Mexicanos (Pemex) projects, ensuring the company does not need to borrow.
Key Contributors and Funding Sources
- Banco Nacional de Obras y Servicios (Banobras): The development bank will finance at least half of the $2.5 billion investment fund for Pemex projects.
- Commercial Banks: The remaining funds will come from commercial banks.
- Investors: The public will also contribute through investment structures.
Purpose and Benefits of the Fund
This fund will finance specific projects in 2025, increasing Pemex’s income and freeing up capital so that the company will not rely on government support for debt payments starting in 2027.
Government Officials’ Statements
- Jorge Mendoza Sánchez, Banobras Director General: He assured that there will be enough resources for all projects, ensuring high-return and strategic investments.
- Claudia Sheinbaum, President: She presented the plan during her morning conference, stating that the federal government will continue to provide resources for debt payments until 2026, after which Pemex will manage its own finances.
- Edgar Amador Zamora, SHCP Secretary: He mentioned that the Strategic Plan will reduce Pemex’s debt by 25% compared to 2018 levels by the end of the six-year term.
- Luz Elena González, Secretary of Energy (SENER): She highlighted that the market has positively received recent efforts to strengthen Pemex, as reflected by Fitch’s upgrade of Pemex’s long-term rating.
Additional Financial Measures
Starting in 2024, the Secretaría de Hacienda has implemented a budget line through the Presupuesto de Egresos de la Federación (PEF) for SENER to transfer funds to Pemex, helping with amortization and stabilizing its financial situation.
This year, Pemex was approved a $13.6 billion budget line; as of mid-year, nearly 70% or $9.5 billion has been utilized.
Key Questions and Answers
- Q: Who is creating the $2.5 billion fund for Pemex?
A: The Secretaría de Hacienda y Crédito Público (SHCP), through the Banco Nacional de Obras y Servicios (Banobras). - Q: How will the fund be financed?
A: Banobras will contribute at least half, with the rest coming from commercial banks and public investors. - Q: What is the purpose of this investment fund?
A: To finance specific projects, increase Pemex’s income, and free up capital so the company can manage its debt independently starting in 2027. - Q: How will this fund impact Pemex’s debt?
A: The Strategic Plan aims to reduce Pemex’s debt by 25% compared to 2018 levels by the end of the six-year term. - Q: What other financial measures are being implemented to support Pemex?
A: A budget line has been established through the Presupuesto de Egresos de la Federación (PEF) for SENER to transfer funds to Pemex, aiding with amortization and stabilizing its financial situation.
