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Mexico backs state oil company with $4.2 billion

Thursday, April 14, 2016

Mexico’s government said it will support troubled state-oil firm Pemex, with $4.2 billion in fresh capital and money to make this year’s pension payments, a step some analysts saw as insufficient if oil prices remain low.

Depressed oil prices and declining oil production have led to a liquidity crunch in recent months for Pemex, Mexico’s largest company by sales and the world’s eighth-largest oil producer.

Source: Wall Street Journal