MEXICO CITY - Mexican President Andres Manuel Lopez Obrador said Friday he would soon announce a rescue plan for troubled state oil company Pemex, suggesting it would be worth around $1.5 billion. We are going to strengthen Pemex, to rescue Pemex, to make it solvent," he told a press conference. In its downgrade note, Fitch estimated Pemex needed an additional $9 billion to $14 billion annually to get back on its feet. Lopez Obrador had previously announced an increase of $3.7 billion in Pemex's budget. Lopez Obrador has vowed to increase Pemex's production to 2.4 million barrels a day by the end of his term, in 2024.

Source: Bangkok Post February 09, 2019 01:41 UTC