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Pemex plans to maintain financial debt of USD105 billion between 2021 and 2025

April 08/2021

MOSCOW (MRC) -- Mexico's Petroleos Mexicanos expects to maintain financial debt of USD105 billion between 2021 and 2025 and increase crude refining, the state oil company said, as per Reuters.

Pemex, as the company is known, said one of its priorities will be to free up funds and gradually pay back some of its debt without necessarily taking on new obligations. "It is clear that high indebtedness represents a structural problem, attention to which should not be delayed," Pemex said in its latest business plan. "In the medium term, we do not rule out restructuring."

Ratings agencies stripped Pemex of its coveted investment grade rating last year because of its high debt and other concerns. Pemex also said it expects crude refining to be 1.1 million barrels per day this year and rise to 1.6 million barrels per day in 2025.

As MRC informed earlier, Pemex is advancing a refinery rehabilitation program that will enable it to process 1.2 million b/d of crude oil by the end of 2020 and evaluating a reconfiguration of its petrochemical facility at Cangrejera, Mexico, into what would be its eighth refinery.

We also remind that in 2016, Pemex shut its steam cracker at its Cangrejera complex for maintenance on February 15. The cracker was idle for about 14 days. The conducted repairs at the cracker were a part of planned maintenance.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,220,640 tonnes in 2020, up by 2% year on year. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased. At the same time, polypropylene (PP) shipments to the Russian market reached 1 240,000 tonnes in 2020 (calculated using the formula: production, minus exports, plus imports, excluding producers' inventories as of 1 January, 2020). Supply of exclusively PP random copolymer increased.

Pemex, Mexican Petroleum, is a Mexican state-owned petroleum company. Pemex has a total asset worth of USD415.75 billion, and is the world's second largest non-publicly listed company by total market value, and Latin America's second largest enterprise by annual revenue as of 2009. Company produces such polymers, as polyethylene (PE), polypropylene (PP), polystyrene (PS).
Author:Anna Larionova
Tags:petroleum products, PP, PS, PE, neftegaz, petrochemistry, Pemex Petrochemicals.
Category:General News
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