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Pemex to freeze capital spending at $25.6 billion

Tuesday, July 17, 2012

State oil monopoly Pemex will ask Mexico's new Congress to approve a $25.6 billion,capital expenditure budget for 2013 when the body begins budget deliberations in September, a Pemex adviser said.

The annual budget for Pemex, the world's No. 7 oil producer, is set by the Mexican Congress each year as part of the finance ministry's budget.

"The investment trend is being maintained. There isn't a substantial change," said the adviser.

Source: Reuters