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The new energy program proposed by the next government presents credit risks for Pemex, warns Moody's Investors Service
The plan for controlling fuel prices, direct investments to build or improve refineries and Potentially delaying bids Oil and gas add uncertainty as to whether Pemex can continue to profit from favorable oil prices and the appetite for investment from foreign companies, he said. , with a production capacity of 300,000 barrels a day each, assuming that the oil company would be responsible for its construction and ownership.
Nymia Almeida, Vice President of Moody's, pointed out that excess costs are common and new refineries may end up costing multiples of the original budgets. [19659002] "If refining plans come into effect, which is not fully confirmed, it would weaken Pemex's credit parameters to finance this investment with debt, while diverting the funds that the company "Another risk to Pemex's finances comes from the fact that the next government will control fuel prices."
Crude prices rose and the weakest peso increased the price of fuel.
The company buys crude in US dollars, no matter whether it is produced or imported, said Moody's.
Currently, taxes account for about 30% of the price of fuel. the pump.
Moody's stated: "Pemex's operations and credit quality have slowly improved since 2016, after making significant adjustments to their operating and capital expenditures", ad enlightened Moody's vice president.
The third risk concerns foreign associations and Pemex's ability to continue to do so. Pemex started partnerships with private oil and gas companies after the opening of the ex trajera investment sector in 2014 and closed its first field in 2016, said the rating agency.
Until March, Pemex had more than $ 106 billion in debt with retirement commitments of $ 64 billion. In addition, it bears a high tax burden, in the order of 70% of its Ebitda, which limits its investment capacity.
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