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Mexico to cut Pemex taxes and help finance new refinery

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Oil firm’s CEO Octavio Romero says profit-sharing levy with federal government makes the company financially unsound

Mexico City — Mexico will reduce the tax burden of heavily indebted Pemex by about $7bn over the next two years and inject government capital to build a new refinery and raise output from onshore and shallow-water fields, the company said on Tuesday.

He reiterated that the tax will be reduced 11 percentage points to 54% by 2021. The company has previously said that reduction would save the company $7.1bn in 2020 and 2021. Pemex is the world’s most indebted company, and its credit was downgraded to junk by Fitch earlier in 2019. Moody’s Investors Service and S&P Global Ratings have the company, Mexico’s biggest, on a negative outlook.

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