On Sunday, the Mexican government announced the tax cut for the state-oil company Petróleos Mexicanos (Pemex) to help the company go through the impacts of oil prices crash and the coronavirus pandemic.
For 2020, Pemex’s tax burden will be cut to 54% from the previous 58% of profits. The cut will worth around MXN65 billion (USD2.6 billion).
According to the Mexican President Andres Manuel Lopez Obrador, Pemex remains a priority, aiming to increase crude production and fulfill the government’s goal of pumping 2 million bpd of oil by the end of this year from 1.7 million bpd currently.
The president will also present the long-anticipated a package of public and private investments for the country’s energy sector worth USD13.5 billion later in the week. The package is also dedicated to propel the country’s oil output.
