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Government will help bail Pemex out of billions in upcoming payments

Mexico City, Mexico — President Andrés Manuel López Obrador says that he will help Pemex cover the money that it must pay this year. On Friday, López Obrador, said that his government will support the public company Petróleos Mexicanos (Pemex) to cover the billions of dollars in bonds that it must pay this year.

“Yes, we have been supporting Pemex. We will continue to do so because it is the rescue of our country’s public company. It is one of the most important companies in the world, in the oil sector, and all previous debt maturities have been paid on time,” he said in his daily press conference.

Pemex’s debt payments due for the first quarter of 2023 stand between $5.5 billion and $6 billion, the firm’s Chief Executive Octavio Romero said earlier this month.

López Obrador did not reveal whether the government will fully or partially cover these amounts, but commented that there is “total support” from the Ministry of Finance, noting that the government would operate within the limits that Congress had authorized for the 2023 Mexican budget.