OGJ Newsletter

06/01/2009
General Interest — Quick TakesPemex seeks larger budget to offset exchange rateMexico’s state-owned Petroleos Mexicanos (Pemex) is negotiating with the government to increase its exploration budget by 20 billion pesos ($1.53 billion) due to the 30% decline of the peso against the US dollar. “Pemex has an important part of its expenses in dollars—the exchange rate slide that we have seen means that our original budget has distortions,” said Pemex exploration director Carlos Morales Gil.The requested funds would account for about 20% of Pemex’s exploration budget, said Morales Gil, who expressed optimism the government would grant the additional funds, whi...
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