Mexico has allowed state oil giant Pemex to defer its tax payments as it struggles to bring its $100 billion debt under control.
Mexico has allowed Pemex to defer its June monthly tax payments to July 31 as the government continues to support its state oil giant that has been reeling under $100 billion in debts for years. Petroleos Mexicanos, as Pemex is officially known, has been granted a government deferral of the so-called DUC levy for May, due in June, according to a government decree published on Tuesday evening and cited by Bloomberg.
Continued support for Pemex remains a key challenge for Mexico’s new administration, Fitch Ratings said after the election earlier this month. “Pemex’s debt, equivalent to almost 6% of GDP, remains a material contingent liability for the sovereign,” the credit rating agency noted. The federal government has provided support of close to US$70 billion – or 4% of 2023 GDP – over the past five years, effectively absorbing the company’s debt onto its own balance sheet.
Mexico Crude Oil Debt Tax Payments Oil Giant Energy
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