LatAmOil: Mexico’s Finance Ministry administers capital injection to Pemex

Mexico’s national oil company (NOC) Pemex has received a capital injection of almost MXP65bn ($3.82bn) from the Finance Ministry, which is keen to support the company as it tries to pay off its rising debt load.

Bloomberg published reports of the Finance Ministry’s decision on July 27, attributing the information to two anonymous sources familiar with the matter. The sources put the size of the capital injection at MXP70bn ($4.12bn).

The news agency’s report could not be confirmed immediately. Mexican President Andres Manuel Lopez Obrador and Deputy Finance Minister Gabriel Yorio did reiterate the government’s support for Pemex on July 27 but did not offer many details. (Yorio did state on July 28, however, that while the Finance Ministry would continue to support Pemex in a responsible manner, the Mexican government had no plans to change the legal regime in ways that would allow it to back the company financially, according to Bloomberg.)