Page 6 - LatAmOil Week 17 2022
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LatAmOil                                          MEXICO                                            LatAmOil



       Finance Ministry steps up pressure on




       Pemex to resume payments on securities






                         MEXICO’S national oil company (NOC) Pemex   more closely at present than it has done in pre-
                         has reportedly come under more pressure from   vious years, added the official, who asked to
                         the Finance Ministry to resume payments on   remain unnamed because he was discussing a
                         maturing securities, despite an earlier promise   matter deemed private.
                         from President Andres Manuel Lopez Obrador   Neither news agency’s report could be con-
                         to cover the firm’s obligations until the end of his   firmed immediately. As of press time, neither
                         term in 2024.                        Pemex nor the Mexican government had com-
                           Two unnamed sources with knowledge of   mented on the matter.
                         the matter told Reuters last week that the min-  According to data compiled by Bloomberg,
                         istry had stepped up its communications with   Pemex is due to pay out around $5bn to holders
                         Pemex and urged the company to assume this   of its securities before the end of 2022, including
                         responsibility ahead of April 21, the deadline for   $2.5bn in principal and $2.5bn worth of inter-
                         paying the holders of €1bn worth of Eurobonds   est. In the meantime, the NOC’s total debt load
                         issued in 2015. The Finance Ministry began rec-  stood at around $109.1bn as of the end of 2021;
                         ommending this course in early April and justi-  this makes Pemex the most indebted oil com-
                         fied its stance by pointing out that the NOC was   pany in the world. ™
                         earning more money as a result of rising world
                         crude oil prices, the news agency noted.
                           According to one of Reuters’ sources, Pemex
                         is now on track to start using its own funds to
                         cover payments to bondholders by the end of
                         this month, since the government has not made
                         any capital contributions to the company since
                         the beginning of April. The source was referring
                         to the funds that Mexico City has allocated to the
                         company for covering amortisation payments.
                           Pemex did receive a tranche of these funds in
                         January 2022 and was slated to obtain more in
                         February but has not said whether it actually did
                         so. Nor has it commented on events in March.
                           Even so, a ministry official expressed opti-
                         mism earlier this week, telling Bloomberg
                         that the NOC was now in a position to change
                         course because of its increased earnings from
                         high crude prices. Pemex is also co-ordinating
                         its operations with the Finance Ministry much   Pemex may be working more closely with the Finance Ministry (File Photo)



                                             ANTIGUA AND BARBUDA
       Wärtsilä to support Eagle LNG Partners,




       APC in LNG-to-power project on Antigua






                         FINLAND’S Wärtsilä will provide support   Wärtsilä confirmed in a statement dated
                         to Caribbean LNG, the joint venture set up by   April 26 that it had won a contract from APC
                         US-based Eagle LNG Partners and its partner   for engineering, procurement and construction
                         Antigua Power Co. (APC), as it executes a small-  (EPC) services related to the supply and instal-
                         scale LNG regasification project on the island of   lation of a dual-fuel power plant at Crabbs,
                         Antigua.                             Antigua.



       P6                                       www. NEWSBASE .com                           Week 17   28•April•2022
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