Pemex Aims for Financial Self-Sufficiency by 2027 with Ambitious Strategic Plan

Mexico's President Claudia Sheinbaum has announced a plan to make state-owned oil company Pemex financially self-sufficient by 2027. The plan includes boosting output, increasing refining efficiency, and expanding petrochemical production. The government will provide financial support until 2025, and a 250 billion-peso investment vehicle will be created to support Pemex. The company's debt is expected to shrink to $77.3 billion by 2030. Pemex recently reported its first profit in over a year and has seen a decline in crude oil output.