Mexican president moots $1.5bn rescue plan for Pemex

Mexican president moots $1.5bn rescue plan for PemexMexican President Andres Manuel Lopez Obrador said Friday he would soon announce a rescue plan for troubled state oil company Pemex, suggesting it would be worth around $1.5 billion. Pemex is struggling under the weight of more than $100 billion in debt and years of declining production, and was recently downgraded by ratings company Fitch. Trying to shore up the firm, Lopez Obrador's government has announced a series of tax breaks for Pemex -- and will now announce further measures next week, the leftist leader said.

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