Mexico’s finance ministry is preparing to enlist a consortium of banks to provide financing that Petroleos Mexicanos would use to pay off debt with service providers, according to a recording of remarks made by its CEO.
The state-owned oil company is coordinating with the finance ministry, which would potentially take on debt on its behalf to pay the service contractors, Chief Executive Officer Victor Rodriguez said at a private event on Friday hosted by Mexico’s College of Petroleum Engineers.
“We are being supported by the finance ministry,” Rodriguez said in a video recording obtained by Bloomberg. “We have a debt ceiling that we cannot use because it would be very expensive. So who is going to do it for us? The…
