May 17, 2019 / 1:04 PM / 9 days ago

Mexican president says debt of state oil firm Pemex will not grow

Mexico's President Andres Manuel Lopez Obrador speaks to the media during a news conference at the National Palace in Mexico City, Mexico May 1, 2019. Press Office Andres Manuel Lopez Obrador/Handout via REUTERS

MEXICO CITY (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Friday that the debt of state oil company Pemex has not increased during the current administration, which took office in December, and will not increase.

“The debt hasn’t grown during our time, and it’s not going to grow,” he told a news conference. Pemex is the world’s most indebted oil company with $106 billion in financial debt.

Reporting by Daina Beth Solomon and Miguel Angel Gutierrez

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