Pemex announced that it is working on the renegotiation of a combo of credit lines called “Jumbo Deal”, for nine thousand 500 million dollars, which will be used to ensure payment to suppliers and the financial debt for 2023 and 2024.
“Pemex is in the process of negotiating a combo of credit lines that we have called ‘Jumbo Deal’,” reported Carlos Cortez, Pemex Finance Director.
The manager pointed out that the ‘Jumbo Deal’ is made up of a term loan of two thousand 500 million dollars, to which is added a revolving line in charge of Pemex for five thousand 500 million dollars, and a second revolving line for the subsidiary of PMI Comercio Internacional of Pemex for 1,500 million dollars, valid until December 2023.
“For many reasons we decided to advance the efforts to renew this combo, mainly taking into account the potential conditions of volatility that could be brought about by the anticipated scenario of presidential elections in North America, particularly in Mexico and the United States,” explained Cortez. .
The Pemex Finance Director explained that the goal is to reach this new arrangement by mid-November, prior to the closest PMI expiration in the first days of December.
He also recalled that the Mexican Congress reduced the shared utility tax rate (DUC) that pays for each barrel of crude oil extracted from 65 percent to 40 percent in 2022 and 2023 and that it will be reduced to 30 percent in 2024, with the approval of next year’s economic package.
In addition, the federal government budgeted 145 billion pesos, which, together with the reduction of the DUC tax, will allow it to meet the payment of its debt in 2024, estimated at 11 billion dollars, while clarifying that in 2023 payments to financial debt for 1,500 million dollars.
2023-10-27 20:42:10
#Energy #Debate #Leading #platform #energy #journalism
