Key Pemex projects to escape budget ax

Because of fiscal difficulties facing the Mexican government, stemming largely from the slump in oil prices, state-owned petroleum company Petroleos Mexicanos has seen its budget cut in 1999, in real terms, by 4.3% from 1998's level, to 78.3 billion pesos. Pemex had originally requested 80.2 billion pesos, but with a late spending-cut frenzy by the federal Congress in late December, another 2 billion pesos was trimmed off. However, Congress also authorized a significant increase in the level of special debt Pemex is permitted to take on in order to continue work on several large, strategic projects. This debt, which is owed to private service/supply companies that are un...

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