January 30, 2019 |
Mexico plans to cut Pemex's taxes by around MXN11bn ($579m) per year as part of a program to increase production at the state-owned oil company, the finance ministry said.
Pemex has agreed to spend the extra MXN66bn through 2024 to increase production to 90,000 barrels per day, the ministry said.
"We are going to have more to invest in Pemex because it is a basic industry of the nation," President Andrés Manuel López Obrador said a press conference on Tuesday. "Instead of betting on weakening it
Government plans to free up $580m per year for increased investments and production