Mexican state oil monopoly Pemex is going to invest $11.2 billion in 2005 to production and exploration
Mexican state oil monopoly Pemex is going to invest $11.2 billion in 2005 to production and exploration. The Chief Financial Officer of Pemex Juan Jose Suarez announced it on Thursday.
In a third-quarter conference call with analysts, Suarez said 85 per cent of the investment, which still requires congressional approval, will be for Pemex's production and exploration unit.
A tenth of next year's investment will be for refining, and smaller amounts will be for gas and petrochemicals, he added.
Suarez said Pemex will require financing of $8.5 billion next year, of which $6 billion is to refinance maturing debt. Pemex had net debt of $31.6 billion at the end of September, about $3 billion more than it had a year earlier.
The company expects to obtain $2 billion in international bond markets, $3 billion on the Mexican debt market, $1.3 billion from export credit agencies and $2.2 billion in bank loans, Suarez said.
