Petroleos Mexicanos is in a race to get deals and bond sales done before an election that could scuttle efforts to lure international investments into Mexico’s battered oil industry.
Carlos Trevino, the company’s third chief executive officer in about two years, plans to raise $4 billion in debt markets, seal three refinery partnerships and hedge about a third of the company’s production. All that hopefully before a new government takes office in December, following a July 1 vote.
“We have been opportunistic” in issuing bonds to meet liquidity in the market and consider the political risk following Mexico’s elections in July, Trevino, 48, said in an interview. Pemex must consider “what the bond market will think of the outcome of the elections,” he said.