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Government To Help Pemex With Taxes Deferral

MEXICO
  • The government will bolster state-owned oil firm Pemex's capacity to pay down debt this year by deferring about $2 billion in taxes, Deputy Finance Minister Gabriel Yorio said on Thursday.
    • "We can do this quickly to provide liquidity to Pemex, not through a capitalization, but by allowing it not to immediately pay the royalty, the profit sharing rate," said Yorio. "That roughly gives them $2 billion in cash flow."
  • Separately, Yorio said Mexico would not need to issue debt to finance its $6 billion deal to buy 13 power plants from Spanish energy company Iberdrola. A financial vehicle, which will bring together public investors including state infrastructure fund Fonadin, would be created within a year to buy the assets, he added.
  • Late on Thursday, headlines crossed indicating that BBVA, Santander and Bank of America are among a group interested in financing the $6 billion deal with Iberdrola, according to people familiar with the talks.
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