Mexico finmin, Pemex CEO to meet investors in NY

The chief executive of Petróleos Mexicanos and Mexico's finance minister will travel to New York early next week to meet with investors, two officials said on Friday.

The trip follows the announcement this week of measures by Mexico's federal government to improve the ailing finances at the state-owned oil company, which is widely known as Pemex, including a US$4.2 billion liquidity injection. 

"They will take part in a roadshow with investors," said one Mexican official, adding that Pemex CEO José Antonio González Anaya and Finance Minister Luis Videgaray will be joined by Juan Pablo Newman, the oil company's chief financial officer.

Another official, also speaking on condition of anonymity, confirmed the meetings would take place and said they would be closed to reporters.

Pemex has faced two years of steep budget cuts as world crude prices plunged and its output has declined by over a third to an average of about 2.2 million barrels per day (bpd) from 3.4 million bpd in 2004.

New management installed in February, including González, is reviewing the best way to cut costs but still invest in future developments.

Meanwhile, Pemex is conducting a major review of its financing plans, Newman said on Wednesday, as the company confronts a liquidity crunch that has forced it to cut investments and delay contractor payments.