Pemex Aims for up to US$8bn Financing in 2004

Mexico's state oil company Pemex plans to raise some US$7bn-8bn in different financial operations on local and international markets in 2004, the company said in a statement to the Mexico City stock market.

Financing in 2003 came to US$11bn. The lower figure for this year is because a number of projects were already started in 2003 and development costs are less than the initial costs, a source from the company's financing department told BNamericas.

Pemex plans to raise US$2bn-2.5bn on the local market through the course of the year and will launch its first operation there "soon," the statement said. This is over four times as much as the US$600mn raised on the local market in 2003 thanks to "very favorable local market conditions at present," the source said.

Talks with lead agents for the operation are still ongoing, although neither the exact amount nor the timing of the upcoming issue have been decided yet, the source said.

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