Reports from Mexico City have revealed that the government is working on legislation to lighten the tax burden on state oil monopoly company, Petroleos Mexicanos (Pemex). The more income that cash-starved Pemex can invest in itself the better said Finance Minister, Francisco Gil earlier this week.
Currently 40 per cent of the Mexican government's income is generated by Pemex but the company says that it needs US$33 billion over the next five years to re-invest, otherwise its oil output will decline by a third. 'We are deliberating with Congress about what the best tax structure would be,' said Gil. 'I think that in a few days or weeks we will have a completed project.'
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