President Andres Manuel Lopez Obrador (AMLO) insisted on the need to build a new refinery in the country, even though experts have shown the inconvenience and high costs of this project. This week, Pemex made headlines, after talking about the project’s risks.
The Mexican government has announced fiscal reductions to help solve the Pemex crisis. The company reported a reduction in its contributions to the state, but this behavior has been explained by internal factors.
Pemex has announced the development of 20 “star fields”, and the firm expects to substantially increase its oil production in the medium term. However, the company plans to develop more fields this year.
Mexico has been waiting for Pemex’s business plan for a long time, and this has generated much speculation. Finally, Andres Manuel Lopez Obrador (AMLO), President of Mexico, presented the business plan. This news had an impact on Pemex bonds.