People’s Mañanera August 5

ByMexico Solidarity

Every day, President Claudia Sheinbaum gives a morning presidential press conference and Mexico Solidarity Media posts English language summaries, translated by Mexico Solidarity’s Pedro Gellert Frank. Previous press conference summaries are available here.

Comprehensive Plan to Strengthen and Capitalize Pemex Toward 2027

President Claudia Sheinbaum emphasized that a forward-looking vision for Pemex has been established after a thorough review of the oil company’s data — from production to accounting — with projections from 2025 to 2035. There is now a comprehensive strategy connecting the Ministry of Finance with Pemex’s financial and commercial departments.

In this context, Minister of Finance Edgar Amador presented the Pemex Capitalization and Financing Strategy, aimed at reversing the debt inherited from the neoliberal period — in which the company’s liabilities grew 129.5% between 2008 and 2018. Thanks to the Fourth Transformation’s policies, this debt has already been reduced by 16% since 2018, with a target of a 26% reduction by 2030. The plan is based on optimizing Pemex’s fiscal burden through the “Oil Fees for Well-being” initiative, which seeks to reduce the company’s financial and commercial obligations with support from the Ministry of Finance, focusing public financing solely on productive projects in 2025, with the goal for Pemex to become financially self-sufficient by 2027

The head of Banobras Jorge Mendoza announced the creation of a new financial instrument, which will inject 250 billion pesos (US$13.28 billion) in Pemex’s strategic projects in 2025, backed by the federal government and funded through development banks, commercial banks, and private investors.

Minister of Energy Luz Elena González explained that this gradual capitalization will allow Pemex to achieve a positive operating balance in 2027 while maintaining a reduced fiscal burden. She emphasized that thanks to the constitutional reform, Pemex has regained its status as a public company with vertical and horizontal integration to ensure energy sovereignty.

Finally, Pemex Director General Víctor Rodríguez Padilla explained that the plan aims to consolidate crude oil production with a goal of 1.8 million barrels per day, with a 92%–95% share of national output. Key projects like Zama and Trion will be promoted, dormant oil fields with potential will be reactivated, and the number of subsidiaries — already reduced from 90 to about 40 — will continue to decrease.

2025–2035 Strategic Plan with Environmental Vision

The plan sets a goal of achieving a positive operating balance by 2027 and includes targets such as stable crude production at 1.8 million barrels, increasing high-value petroleum products, relaunching petrochemicals, rehabilitating logistics, increasing natural gas, and promoting green energy. Sheinbaum clarified that the production cap is tied to environmental commitments. She also noted that the Ministry of Finance will support Pemex in 2025 and 2026 in its debt payments, which have been cut from 300 billion to 140 billion pesos (US$1594 billion to US$7.44 billion).

PRIAN Governments Bankrupted and Indebted Pemex

The President Sheinbaum accused previous PRIAN governments of bankrupting Pemex, increasing its debt, and irresponsibly causing the decline of Cantarell, the country’s most valuable oil field.

She recalled that during Vicente Fox’s administration, production reached 3.2 million barrels per day, generating high income and surpluses, but that those resources were not used to strengthen the company.

Today’s goal is 1.8 million barrels per day, with a conscious policy and an environmental and fiscal commitment to ensure Pemex’s long-term viability.

Justice in Tamaulipas and Defense of Sovereignty in U.S. Agreement

The President reported that the Federal Attorney General’s Office (FGR) is in direct contact with the Tamaulipas state prosecutor to investigate the murder of Ernesto Cuitláhuac Vázquez, FGR representative in the state, and to bring those responsible for his killing to justice.

She also denied claims from The Wall Street Journal that the security agreement with the U.S. is at risk. While the agreement will not be signed this week, when it is, it will be done with full transparency, with mutual respect and without compromising national sovereignty.