Pemex has highly profitable future thanks to historic bonds sale: Mexican president

Source: Xinhua| 2019-09-14 05:39:20|Editor: yan
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MEXICO CITY, Sept. 13 (Xinhua) -- The Mexican state-owned oil company Petroleos Mexicanos (Pemex) has a "highly profitable" and a bright future, Mexican President Andres Manuel Lopez Obrador said on Friday after a successful sale of the company's bonds.

During his daily press conference, Lopez Obrador celebrated a historic placement of Pemex's bonds in international capital markets.

On Thursday, Pemex announced that it successfully placed bonds for 7.5 billion U.S. dollars, and that the bond placement was more than five times oversubscribed.

The president said that the bond placement was "the most successful in Pemex's financial history."

Pemex issued bonds for 1.25 billion U.S. dollars with seven-year maturity; for 3.25 billion U.S. dollars with 10-year maturity, and for 3 billion U.S. dollars with 30-year maturity.

Capital markets of the United States, Europe, Asia, South America and the Middle East participated in the bonds' sale.

"Pemex was very successful because investors are very informed... They know that Pemex will regain strength, that is a company with a promising future and highly profitable," Lopez Obrador said.

Pemex's finances and oil output have been deteriorated in recent years as previous governments relied heavily on the company's resources yet failed to reinvest oil revenues to strengthen the company.

On Wednesday, the Mexican Ministry of Finance announced a 5-billion-U.S. dollar investment in Pemex to reduce its debt.