Mexico President Andrés Manuel López Obrador says his government will support the state-owned oil company with all the budget it needs and tax relief until 2021.
López Obrador said Wednesday that by then, Petroleos Mexicanos will have recovered its footing, increased production and be able to finance the country’s development during the remainder of his term.
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Years of neglect during which governments funded themselves on Pemex’s profits rather than reinvesting in the company left it heavily indebted and facing declining production.
López Obrador has made returning Pemex to its former stature a priority. He has sent the military after the organized crime rings that tap its pipelines and steal its fuel and promised to build a massive new refinery in spite of experts questioning the financial logic.
