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Mexico to give $4.2 bn in aid to oil firm Pemex

Pemex will receive a capital injection of $1.5 billion and a credit facility of $2.7 billion from Mexico's government to cover pension costs this yearMexico’s government on Wednesday announced plans to provide $4.2 billion in liquidity to struggling state-run energy firm Pemex, which has posted huge losses amid crumbling production and oil prices. The finance ministry said Pemex will receive a capital injection of $1.5 billion this week as well as a credit facility of $2.7 billion to cover pension costs for this year. The ministry said the aid, which seeks to “strengthen” the company’s finances, was conditioned on Pemex reducing its debts and liabilities by the same amount, $4.2 billion.

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