Mexico's Pemex Inks $2B Credit Line Deal with Korea Eximbank

Reuters

MEXICO CITY, Oct 16 (Reuters) - Mexican state oil producer Pemex said on Wednesday it had signed a memorandum of understanding with Korea Eximbank to open a $2 billion credit line for financing a range of projects.

The credit would also be available to other companies providing services to the Mexican oil producer, Pemex said.

"Pemex will now count on a new financing option to realize new projects that will allow it to increase production and the profitability of the company," Pemex said in the press release.

The financing deal comes the day after Pemex declared the tender void for the second phase of Mexico's biggest natural gas pipeline project void after only one bidder made an offer on the $1.8 billion project, casting doubt on the country's future supplies of cheap natural gas.

Copyright 2016 Thomson Reuters. Click for Restrictions.

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