Hints and tips:
...“Pemex will require ongoing government support for the foreseeable future,” said Andrew De Luca, emerging markets credit analyst at Pemex bondholder T Rowe Price....
...The oil nationalist López Obrador vowed to “rescue” Pemex and has given the company some 1.32tn pesos of financial help since taking office in 2018, according to data from think-tank Instituto Mexicano para...
...Schineller highlighted that Mexico had the capacity to support Pemex....
...Even as production is declining, Pemex is also building an oil refinery that is running vastly over budget and is likely to cost more than $11bn....
...Pemex did not respond to a request for comment....
...Pemex has outstanding debt of more than $100bn, making it one of the world’s most indebted oil companies....
...(Pemex)....
...of Pemex bonds....
...Pemex was once a lucrative cash cow for the Mexican state but now relies heavily on government handouts....
...She cited Pemex chief executive Octavio Romero as saying the company had “sufficient financial capacity”. Pemex posted a first-quarter loss of almost $2bn....
...“There is no doubt about the preponderant role that Petróleos Mexicanos should hold,” he wrote in the bill’s introduction....
...Nymia Almeida, Moody’s senior vice-president and a Pemex analyst, said that last year Pemex had been given about half the aid it received in 2019....
...Analysts say it is increasingly obvious that Pemex cannot go it alone....
...But analysts agree Pemex needs more than quick fixes....
...to Pemex’s 2013 purchase of a fertiliser plant....
...Neither Pemex nor the Mexican government had any immediate comment....
...“Today, more than ever before, Petróleos Mexicanos has the absolute support of the government of Mexico,” it said....
...Mexican President Andrés Manuel López Obrador has made “rescuing” Pemex a national priority....
...Latin America is home to some of the energy industry’s last fossil fuel holdouts, with groups such as Brazil’s Petrobras and Mexico’s Petróleos Mexicanos persisting with exploration rather than setting out...
...The risks go well beyond Pemex....
...“They [Pemex] get to walk into a discovery for free,” said Mr Duncan, who expected any Pemex well on its acreage “not to tell us anything new”....
...Mr Lozoya, a boxing fan with a penchant for Patek Philippe watches and a fine art collection including works by Picasso and Dalí, led Pemex from 2012-16....
...“We’ve got Pemex out of the crisis,” he said last month....
...A Pemex downgrade, therefore, could trigger a sovereign downgrade, although Mexico’s coveted investment grade rating is not at risk....
...Business leaders may not yet be ready to rise up themselves, but Mr López Obrador, whose pet airport and refinery projects and nationalist plans for state oil company Pemex have alarmed investors, must keep...
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