January 9, 2019 / 7:46 PM / 4 months ago

Mexico's Pemex presentation sees 2019 capital infusion of at least $1.25 billion

FILE PHOTO: The Pemex logo is seen at its headquarters in Mexico City, Mexico March 12, 2018. REUTERS/Carlos Jasso

MEXICO CITY (Reuters) - Mexico’s state-owned oil company Pemex [PEMX.UL] said on Wednesday that it expects a capital infusion for investment of at least $1.25 billion from the government by year-end, according to a company presentation seen by Reuters.

The ailing oil giant, which has seen crude output drop for over a decade as its major fields age and it has struggled to replenish reserves, also faces the possibility of a credit ratings downgrade due to costly proposals by the new government led by leftist President Andres Manuel Lopez Obrador.

A company presentation to investors in New York on Wednesday sought to re-emphasize the government’s backing of the firm.

“By the end of 2019, we will have at least one capitalization of $1.25 billion, with resources from the federal government,” Pemex said in its presentation.

Reporting by Ana Isabel Martinez; editing by David Alire Garcia and G Crosse

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