Pemex will receive US$5,200 million this year

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MEXICO— For its financial strengthening, Petróleos Mexicanos (Pemex) will have additional revenues of US$5.2 billion this year, which will come from a capitalization of the federal government, tax relief and monetization of promissory notes of labor liabilities.

 

The amount is equivalent to almost 40% of what the state plans to allocate to productive investment (Capex) in 2019. From the amount for strengthening, excluding the additional support announced by the federal government, the national oil company announced to investors that US$1.6 billion, will be the income recovered thanks to the strategy against fuel theft, that is, half of what was projected in losses for this item in 2018.

 

By item, these financial measures include a capitalization of US$1.3 billion, in addition to the monetization of promissory notes for labor liabilities of US$1.8 billion and additional fiscal aid between 2019 and 2024 for US$600 million annually, which will be applied thanks to a reduction to the right for shared utility that the state company issues each year for its oil production.

 

Regarding additional revenue expected from the fight against the theft of fuels of US$1.6 billion, Pemex explained in his presentation that in a conservative scenario the company expects to recover at least 80% of the US$ 2.4 billion from the theft, which will have a direct positive impact on the benefit before interest, taxes, depreciation and amortization (EBITDA).

 

Source: El Economista