Pemex's Debt Crisis: A Financial Crossroad
Pemex, Mexico's state-owned oil company, is grappling with massive financial debt, projected to reach $80 billion by the end of the third quarter. The Mexican government plans financial support of 263.5 billion pesos by 2026, and recent bond issues are aimed at aiding Pemex's debt repayment strategy.
Mexican state-owned oil firm Pemex is confronting a financial crisis, with its debt expected to be approximately $80 billion by the third quarter's conclusion, Finance Minister Edgar Amador announced on Wednesday.
As one of the most indebted energy companies globally, Pemex carries nearly $100 billion in financial obligations and owes $22 billion to suppliers and contractors. In a bid to end government subsidies by 2027, Mexico rolled out an extensive restructuring plan in August.
To aid the company in managing its financial burdens, Pemex is anticipated to receive government assistance amounting to 263.5 billion pesos in 2026. Additionally, Mexico aims to generate $14 billion from two novel bond issues initiated earlier this month, primarily intended for a comprehensive Pemex bond buyback.
(With inputs from agencies.)
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