In the first third of the year, the Mexican oil company's debt closed at US$101,499 million. Meanwhile, for this year the Ministry of Finance included a budget line of US$ 8,640 million.
The fiscal support that the Mexican government has granted to Petróleos Mexicanos (Pemex) continues to grow; However, there is no benefit seen in the oil company, one of the most indebted in the world, according to an analysis by the organization México Evalúa.
In the first three months of this year, fiscal support to Pemex has totaled US$7,341.5 million, that is, the government has either transferred money or has stopped collecting to help the oil company.
“Despite all the fiscal support that is being granted to Pemex, its production levels are not increasing. "In the first quarter of the year, we worked with the lowest crude oil production level in the last 24 years, producing only 1,542 thousand barrels per day (mbd), this is 6.7% lower than what was reported in 2023," he indicated. the organization.
This year, support for Pemex has consisted of the transfer of resources for US$ 4.6 billion through Sener, a reduction in the Shared Profit Right (DUC) to 30%, as well as the forgiveness of taxes in January, this as part of a presidential decree that also considered the last quarter of last year.
“In sum, the total fiscal support that the oil company has received in the first quarter of the year, accumulates US$ 7,341.5 million, half of the budget of the Ministry of Welfare – in charge of several of the priority programs of the current government – at first trimester. These supports mean an opportunity cost in the use of public resources that could have been allocated to health, education, security, science and technology, among others,” México Evalúa added.
Restructuring will take years
The financial situation of Pemex is one of the problems facing the current administration. Since his arrival, López Obrador has helped the oil company to solve its situation, however, this could take more than one six-year term.
“Indeed, you cannot hide the sun with a finger. It is a very large company that has been restructuring for six years,” Rogelio Ramírez de la O, head of the Treasury, admitted in recent days.
The Secretary of the Treasury explained that during the six-year term there has been a restructuring of Pemex – which is even in the sights of the rating agencies due to its importance for the sovereign – and that now the focus will be a refinancing where the government will involve more directly.
In the first third of the year, Pemex's debt closed at US$101,499 million. Meanwhile, for this year the Ministry of Finance included a budget line of US$ 8,640 million for the oil company.
“This is the beginning of an optimization (...) it is an agenda that will take much more concrete form in the next stage of this restructuring, but it is a restructuring that will take years. “It is a very large debt and it is a very large company,” said the person responsible for the country's public finances.
