by Amruth Sundarkumar | Sep 20, 2021 | Corporates
Mexican state-owned Petroleos Mexicanos (Pemex) cancelled three contracts with Vitol after the company refused Pemex’s proposed amendments to terms. In March 2021, Pemex sought to renegotiate contracts with Vitol following the company’s bribery scandal, which involved...
by Amruth Sundarkumar | Sep 10, 2021 | High Yield Bonds
Mexico’s President Andres Manuel Lopez Obrador announced to raise state-owned oil company Petroleos Mexicanos’ (Pemex’s) 2022 spending plan to $32bn, in a move to boost oil production. The budget proposal sees an increase of 17% in operational...
by Amruth Sundarkumar | Sep 9, 2021 | High Yield Bonds
The Mexican government proposed to slash state-owned oil major Pemex’s tax burden in the finance ministry’s 2022 draft budget presented to Congress on Wednesday. The proposal involves cutting the profit sharing rate (DUC), which is effectively a tax paid...
by Amruth Sundarkumar | Sep 7, 2021 | High Yield Bonds
Mexico started a refinancing process of state-owned oil company Petroleos Mexicanos’ (Pemex) debt as it received $12bn from the International Monetary Fund (IMF). The government is considering using the $12bn in IMF reserves either fully or partially to pay off...
by Amruth Sundarkumar | Jul 29, 2021 | Corporates, High Yield Bonds
Mexico’s Petroleos Mexicanos (PEMEX) released its Q2 numbers where it reported a quarterly net profit of $722.5mn, which the company said was driven by higher income from international sales. This came after PEMEX reported a loss of $1.9bn in 2Q2020 and a loss...
