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As has been the case with previous administrations, Petróleos Mexicanos (Pemex) will continue to face challenges under the mandate of Andrés Manuel López Obrador, said Fitch Ratings, a credit rating agency. risk
. without considering the link with the government of the state-owned productive enterprise, it will continue to be under pressure.
One of the most important points about Pemex is the tax burden. According to the document, the Mexican company's debt has increased by 66% in five years, from $ 64,000 million in 2013 to $ 106,000 million in March of this year.
the new administration should reduce Pemex taxes so that they comply with international industry practices, "explained Fitch.
Key-company
The Mexican government is strongly encouraged to support Pemex in view of the socio-political consequences and "A situation of financial difficulties in Pemex could interrupt the supply of liquid fuels throughout the country, which would have consequences. Fitch said:
The importance of Pemex for the country goes further; even a situation of financial difficulty at Pemex would have implications for the ability of either the government or other government-related entities in the country to raise funds.
The energy reform – approved under the administration of Enrique Peña Nieto – was positive for Pemex, although society derives most of the benefits in the very long run, since taxes recently allocated blocks are lower.
On expanding or upgrading the country's refining capacity and practices The control or price cap of liquid fuels could accelerate the weakening of Pemex if the new administration applied these policies, explains Fitch.
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