MEXICO CITY (Sputnik) – Mexico’s state-owned Petroleos Mexicanos (Pemex) company says it is issuing bonds worth $5 billion, planning to use the funds for debt refinancing.
Part of the resources from the issuance will be used for the repurchasing of dollar-denominated debt maturing in 2020, while the rest will be used for company refinancing purposes, Pemex said.
Investors from the United States, Europe, and Latin America participated in the Tuesday refinancing operation, according to Pemex.
Earlier, Chief Executive of Pemex Octavio Romero Oropeza announced the discovery of a giant crude oil deposit in the southeastern Mexican state of Tabasco with confirmed crude oil reserves equivalent to 500 million barrels.
Mexico’s state oil company has intensified drilling in the country due to depleted reserves in the fields that are already under development. Pemex’s oil output has been dropping in recent years, with the company having accumulated around $100 billion in debt.