MEXICO CITY Mexican state-owned oil company Petroleos Mexicanos SA de CV (Pemex) has signed a memorandum of understanding with the Export-Import Bank of Korea (Korea Eximbank) for a $2-billion credit line to be used to finance various energy projects.
"Pemex will have a new financing option to carry out projects that will allow it to increase production and profitability," Pemex said Oct. 16.
The deal was signed in South Korea by Pemex chief execitive officer Emilio Lozoya Austin and Eximbank chief executive officer Yong Hwan Kim.
A day earlier, Pemex declared the tender void for the second phase of its $1.8-billion Los Ramones natural gas pipeline project after only one bidder made an offer.
A version of this article was first published in AMM sister publication Steel First.