Pemex to Defer More Than $2.5 bln Worth of Projects
Mexican state-run oil company Pemex said on Monday it would put on hold projects worth some 46.8 billion pesos ($2.58 billion) to help it cope with short-term financial difficulties, mainly liquidity, caused by an ongoing slump in oil prices.
Pemex's new Chief Executive Officer Jose Antonio Gonzalez Anaya told a conference call he was not optimistic that prices would recover in the near-term, saying he saw international oil prices averaging around $25 per barrel in 2016 -- around $10 below current levels.
He said Pemex aimed to save nearly 29 billion pesos via efficiencies and 54.9 billion pesos via deferred investments.
Pemex is expected to announce another major quarterly financial loss later on Monday.
(Reporting by Simon Gardner)
