Mexico's government will bolster state-owned oil firm Pemex's capacity to pay down debt this year by deferring about $2 billion in taxes the company owes the state, Mexican Deputy Finance Minister Gabriel Yorio said on Thursday.
Pemex, which had financial debt totaling nearly $108 billion at the close of last year, pays a profit sharing rate - effectively a tax paid to the government - of 40%.
Pemex has already paid off some $6 billion in debt for 2023 and has another $2.5 billion left to pay in the year, Yorio told Reuters in an interview on the sidelines of the International Monetary Fund and World Bank spring meetings in Washington. Delaying Pemex's payment of the DUC should give the oil giant some $2 billion in cash flow, said Yorio.
"We can do this quickly to provide liquidity to Pemex, not through a capitalization, but by allowing it not to immediately pay the royalty, the profit sharing rate," said Yorio. "That roughly gives them $2 billion in cash flow." Leftist oil nationalist President Andres Manuel Lopez Obrador has staked his reputation on reviving Pemex, which has been a powerful symbol of Mexican self-reliance since its creation in 1938.
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