MEXICO CITY (AP) — Mexico's president plans to boost crude production at the state-owned oil company by 45 percent before 2025.
President Andres Manuel Lopez Obrador said Saturday the goal is for Petroleos Mexicanos to up crude output to 2.40 million barrels per day, from the current 1.65 million barrels per day.
He previously said he plans to invest 75 billion pesos ($3.65 billion) of savings from a government austerity program into Pemex.
The company has struggled to come up with extra funds amid mounting pension obligations, high tax rates, rampant fuel theft and other inefficiencies.
Lopez Obrador described his plan to "rescue" the oil industry as "realistic" and reiterated a pledge to move Pemex headquarters from the capital to Ciudad del Carmen, on Mexico's Gulf Coast.
Disclaimer: This is unedited, unformatted feed from the Associated Press (AP) wire.
