Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Mexico cuts Pemex taxes to cope with crisis

Oil | Crude Oil | Coronavirus

What US shale will have to do to survive the demand shock and reinterest investors

Oil

Platts Market Data – Oil

Capital Markets | Commodities | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Jet Fuel | Naphtha | Marine Fuels | Equities | Financial Services | Banking | Non-banks | Private Markets

North American Crude Oil Summit, 3rd annual

Metals

Gold takes a breather, market predicts higher prices

Mexico cuts Pemex taxes to cope with crisis

Mexico City — 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.