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Pemex Expected to Receive $6bn Government Support as per 2025 Budget Draft
November 13, 2024
Pemex is expected to continue receiving support from the Mexican government after the latter planned to set aside about $6bn for the company in its 2025 draft budget, as per sources. The budget will include support for Pemex’s debt obligations next year, they said. The final details of the proposal is set to be released on November 15. Pemex currently has nearly $9bn of debt due in 2025 and about $13bn due in 2026. Separately, the finance ministry is also planning to simplify and streamline Pemex’s tax structure, as the state-owned company currently has three different types of taxes that it pays. Also, Pemex revealed last month that they were working on a liability management exercise which they plan to publish after the government unveils its 2025 budget.
Pemex’s dollar bonds were trading broadly positive, with its 9.5% 2027s up 1.6 points to 100.69, yielding 9.21%.
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