ADVERTISEMENT

Mexico allocates US$23bil for Pemex to boost output next year


MEXICO CITY: Mexican President Andres Manuel Lopez Obrador is boosting Petroleos Mexicanos’ budget to 464.6 billion pesos ($23 billion) next year to reverse flagging oil production and increase domestic fuel output.

The proposal sent to the lower house of congress on Saturday would increase Pemex’s total budget, including capital investments, by 14 percent in 2019 compared with 407 billion pesos this year, according to the finance ministry. 

Corporate News , Oil & Gas

   

ADVERTISEMENT