In this list

Mexico cuts Pemex taxes to cope with crisis

Commodities | Energy | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Shipping | Tankers

Dark ship-to-ship transfers keep Russian oil flowing despite sanctions

Energy | Oil | Crude Oil

Platts Crude Oil Marketwire

Energy | Oil | Energy Transition

APPEC 2023

Energy | Oil | Electric Power | Energy Transition | Natural Gas | Crude Oil | Nuclear | Renewables | Electricity

US POWER TRACKER: NYISO summer forward power prices 53% to 64% lower on year

Energy | Energy Transition | Petrochemicals | Oil | Coal | Natural Gas | Agriculture | Electric Power | Hydrogen | Emissions | Carbon | Polymers | LPG | Refined Products | Aromatics | Fuel Oil | Jet Fuel | Gasoline | Crude Oil | Biofuels | Renewables | Electricity

Insight Conversation: Saif Humaid al Falasi, ENOC Group

For full access to real-time updates, breaking news, analysis, pricing and data visualization subscribe today.

Subscribe Now

Mexico cuts Pemex taxes to cope with crisis

  • Author
  • Sheky Espejo
  • Editor
  • Gary Gentile
  • Commodity
  • Oil
  • Topic
  • Coronavirus and Commodities OPEC+ Oil Output Cuts

Mexican president Andres Manuel Lopez Obrador said his government will grant a tax cut worth 65 billion pesos ($2.6 billion) to state-controlled Pemex in order to cope with the impacts of the coronavirus pandemic and the collapse of the international oil price.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The move, announced Sunday, is part of a broader set of measures announced by the president to propel the economy during the crisis, which the government considers to be "transitory."

The president reiterated that Pemex, a monopoly until a reform opened the sector in 2013, remains a priority, and said he will present a long-awaited package of public-private investments for the energy sector later in the week worth $13.5 billion.

The investment package, which has been expected by the industry since the beginning of the year, is seen as essential to increase crude production and meet the government´s ambitious goal of pumping 2 million b/d of oil by the end of the year, from roughly 1.7 million b/d currently.

For 2020, Pemex´s tax burden will be 54% of its profits, down from 58% originally planned, according to a presentation by the Finance Ministry released Friday.

Oil revenues accounted to roughly 17% of all government revenues during 2019.

Pemex had an outstanding financial debt of over $100 billion at the end of 2019.