Mexican bankers support Pemex business plan

The Asociación de Bancos de México (ABM) views Pemex’s business plan for the next five years as positive, reported El Informador on 4 November 2016. According to ABM President Luis Robles Miaja, the strategy set forth on 3 November will allow the state-owned energy firm to correct its financial troubles and become more competitive in the global market. Robles Miaja praised Pemex CEO José Antonio González Anaya for setting clear short- and medium-term goals to guide the company towards profitability and stability on the international stage. As mentioned in Reporte Indigo, the precipitous drop in oil prices has stifled Pemex since the 2014 peak and a deficit that reached around US$5.25 billion this year. González Anaya outlined a plan with the main focus for Pemex to seek farmout agreements and other alliances with firms for oil exploration and production. González Anaya anticipates turning the debt into profit by next year but credit agencies like Fitch Ratings believe Pemex is under too much pressure from its tax burden.