If the public treasury is managed from the presidency, so the oil company is managed from the Ministry of Finance.
At least that shows, not so much the injection of 3,500 million dollars of public resources in the so-called productive company of the State but the determination to change the business model that was not announced by Pemex but by the Treasury.
If the agronomist who runs the oil company was aware that they would receive this contribution, at least it should have been a joint statement. Above all, because changes are being made to your business plan.
It is very likely that he has been notified, but the message that remains is de facto that the Secretary of the Treasury, Rogelio Ramírez de la O, is the financial person in charge of the oil company. Just as the market expected since it was named last summer.
Pemex has many problems, but the main one is financial. It is the most indebted oil company in the world and these 3,500 million dollars are just a tickle compared to the liabilities of more than 110,000 million dollars that Petróleos Mexicanos has.
But it is, at least, a step within the narrow ideological margin that Q4 has to lighten the burden of future maturities. It is a patrimonial contribution that gives an aspirin to Pemex so that it kicks the maturities that it has between 2024 and 2030 towards 2044 and until 2060.
And when it comes to changing the business model of the company, it will be necessary to see how far there is margin. Because some of the worst occurrences around Pemex, such as building a refinery in the Tabasco swamps, are autocratic ideas of this government.
It is evident that, with so many deficiencies, the federal government should not have the equivalent of 74,000 million pesos left over, especially when enough has already been diverted from public spending for welfare programs and the President’s pharaonic works.
If they have already left millions of Mexicans homeless in the midst of the economic crisis due to the confinement of the pandemic, it is to be expected that that same obsession with healthy public finances will be preserved in their process of rescuing Petróleos Mexicanos.
Because it would be useless for the government to throw cartloads of millions of dollars into the bottomless barrel if with it the sovereign debt can risk its credit ratings and with it its future stability.
And when the reminder comes that they are dollars that they exchanged with the Bank of Mexico, the unanimous cry of defense of the central bank’s autonomy has to emerge.
Because one thing is for Q4 to skip the business guidelines of Pemex to assume its control from the National Palace and another is that they want to see the international reserves of Banxico as petty cash for their spending and rescue purposes.
They will be able to manage Pemex from Palacio, but there is no way that the same should happen to Banco de México.
The Pemex agronomist is clearly there to receive instructions, but the future Governing Board, the one that will be formed in less than a month, is not there for that.
High debt
The one that owes the most
It is the most indebted oil company in the world and these 3.5 billion dollars are just a tickle compared to the liabilities of more than 110 billion dollars that Pemex has.
To pay later
It is a patrimonial contribution that gives an aspirin to Pemex so that it kicks the maturities that it has between 2024 and 2030 towards 2044 and until 2060.
Changes?
When it comes to changing the business model of the company, it will be necessary to see how far there is margin.
Host of Televisa Newscasts
The great Depression
Graduated in Communication Sciences from the National Autonomous University of Mexico, with a specialty in finance from the Autonomous Technological Institute of Mexico and a master’s degree in Journalism from the Anáhuac University.
His professional career has been dedicated to different media. He is currently a columnist for the newspaper El Economista and a host of newscasts on Televisa. He is the owner of the 2:00 pm news space on Foro TV.
He is a specialist in economic-financial matters with more than 25 years of experience as a commentator and host on radio and television. He has been part of companies such as Radio Programs de México, where he participated in the VIP business radio. He was also part of the management and talent team of Radio Fórmula.
Reference-www.eleconomista.com.mx