January 29, 2019 / 2:43 AM / 22 days ago

Mexico says implementing measures to boost Pemex finances

MEXICO CITY, Jan 28 (Reuters) - Mexico’s finance ministry said on Monday that it will implement measures to strengthen the finances and boost the production of state oil firm Pemex, specifically by increasing the limit on deductions for costs related to extraction and exploration.

That move will free up resources of some 11 billion pesos ($578 million) per year through 2024 for the “exclusive” use in Pemex capital expenditures for exploration and production, the ministry said in a statement.

$1 = 19.0310 Mexican pesos Reporting by Anthony Esposito; Editing by Sandra Maler

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