29 Feb '16, 7pm

Mexico's Pemex delays $3.6bn in investments as losses deepen, production falls further

Mexico's Pemex delays $3.6bn in investments as losses deepen, production falls further

MEXICO CITY: Mexico's struggling state-run energy firm Pemex on Monday (Feb 29) unveiled plans to postpone US$3.6 billion in investments to cut costs as its annual losses nearly doubled and crude production dipped further. Pemex director general Jose Antonio Gonzalez Anaya released the details of the US$5.5 billion in savings that President Enrique Pena Nieto's administration ordered to keep the former monopoly away from financial calamity. "Pemex is facing short-term financial difficulties but it is clearly a very solvent and an amply solvent company," Gonzalez Anaya told investors in a conference call. "This adjustment programme is because if we didn't do it we would face solvency issues and liquidity issues, but we don't think Pemex is facing a solvency issue," he said. The company has been hurt by a big drop in global crude prices and dwindling production, which has fa...

Full article: http://www.channelnewsasia.com/news/business/internationa...

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