The Mexican government will propose an additional tax reduction for heavily indebted state oil company Pemex [PEMEXF.UL] in the nation’s 2020 budget, President Andres Manuel Lopez Obrador said Thursday, the latest measure to strengthen the company. Lopez Obrador has pledged to revive Pemex, whose $106 billion debt is the largest for any oil company in the world. In June, Fitch downgraded to ‘junk’ the debt rating of the company, whose oil output has declined by about half over the past 14 years, causing its bonds to tank. “We want to lower Pemex’s tax burden, we are assessing it now. We already did, but now that we’re developing next year’s budget, we can establish the measure,” Lopez Obrador said. The announcement […]