The Mexican government said Monday that it has decided to inject 3.5 billion U.S. dollars into state-owned oil company Petroleos Mexicanos (Pemex) to strengthen its financial health.
The funding is intended to enable the company to buy back bonds and pay down the company's foreign debt, the Ministry of Finance and Public Credit said in a press release.
Pemex has for many years provided a large quota of the federal budget of Mexico, but after more than a decade of declines in output, it now has a global debt exceeding 113 billion dollars, which makes it the most indebted oil company in the world.
Editor: Kelly
