January 9, 2019 / 9:27 PM / 10 days ago

UPDATE 1-Mexico's Pemex presentation sees 2019 capital infusion of at least $1.25 bln

(Adds quote, background)

MEXICO CITY, Jan 9 (Reuters) - Mexico’s state-owned oil company Pemex said on Wednesday that it expects a capital infusion for investment of at least $1.25 billion from the government by year-end, according to a company presentation seen by Reuters.

The ailing oil giant, which has seen crude output drop for over a decade as its major fields age and it has struggled to replenish reserves, also faces the possibility of a credit ratings downgrade due to costly proposals by the new government led by leftist President Andres Manuel Lopez Obrador.

A company presentation to investors in New York on Wednesday sought to re-emphasize the government’s backing of the firm.

“By the end of 2019, we will have at least one capitalization of $1.25 billion, with resources from the federal government,” Pemex said in its presentation. (Reporting by Ana Isabel Martinez; editing by David Alire Garcia and G Crosse)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below