Mexico on Tuesday unveiled part of its keenly-awaited business plan, meant as a ...
MEXICO CITY - Mexico on Tuesday unveiled part of its keenly-awaited business plan, meant as a road map to bring the world’s most indebted oil company back to financial health, but failed to impress banks who warned it did little to reduce a ratings downgrade risk.
Pemex Chief Executive Officer Octavio Romero said about $2.1 billion had been set aside next year to finance the new $8 billion Dos Bocas refinery, a project ratings agencies see as adverse to getting the ailing company back on track. “The probability of a downgrade to junk by Moody’s has gone higher,” Citi Research said in a report, adding that it predicted such an action within the next six months.A downgrade from Moody’s would formally confirm Pemex as a junk credit. If that happens, some funds whose mandates prohibit holding such assets would have to sell their Pemex bonds.
Focusing on easy to access on shore and shallow water fields, Romero vowed to raise Pemex production within three years, and to reach 2.7 million barrels per day of oil by the end of the government of President Andres Manuel Lopez Obrador in 2024, from a current 1.8 million bpd. “The cycle of investment and return in Pemex, and in any oil company in the world, takes from 5 to 7 years,” he said in an investor note. “Pemex has to fix its problem today.”
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