Weekly Report - 20 July 2023 (WR-23-29)

MEXICO: Pemex runs into trouble

Mexico’s state-run oil company Pemex is facing tough times. A major fire at one of its processing centres in early July and a recent oil spill at one of its offshore oil wells has added to existing concerns around the safety standards and operational capacity of the state-run company. Such incidents are compounding financial challenges for Pemex, which faces major debt repayments this year and next, with international credit ratings agency Fitch citing accidents as one of the reasons behind its recent decision to downgrade the company.

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